Econet to Invest $250m in Solar Power Systems
Econet Wireless Zimbabwe says it has begun the process to invest over $250 million into a solar power systems project amid indications the corporate has placed orders for nearly 20MW.
The investment, Econet said, could eventually dwarf its investment in telecoms of almost $2 billion over the last 10 years.
Econet, Zimbabwe’s largest mobile telecoms company, said the investment will be done through its subsidiary, Distributed Power Africa (DPA), and will provide solar energy solutions for industrial, commercial and home use.
Econet said the multi-million dollar investment is aimed at creating over 5 000 new jobs in Zimbabwe over the next two years. Econet said it had already placed an order to replace most of its conventional power systems with solar power and lithium batteries. Zimbabwe is touted to be headed for a game-changing era through exploitation of lithium, which is also used in the manufacture of electric vehicle batteries, whose global demand is growing.
The country, the world’s fifth largest producer, has discovered several lithium deposits around the country, but only one is now producing. Projects such as DPA’s will drive lithium demand.