Livingstone, Zambia: Zimbabwean solar project, Vungu Solar, today announced that it has engaged Standard Bank South Africa, together with Stanbic Bank Zimbabwe to act as its mandated lead arranger (MLA) to support financial structuring and manage the debt financing process as the project moves towards financial close. The announcement was made at this year’s Zimbabwe-Zambia Energy Projects Summit (ZimZam). The 30MWac Vungu Solar project has worked, through a cross-government group led by the Ministry of Energy and Power Development, to conclude and pilot a set of standardised documents which, it is hoped, will accelerate development of new solar capacity in the country.
Vungu Solar is being led by the Private Infrastructure Development Group (PIDG), through its project development solution, InfraCo, alongside project founder Energywise Equipment (Pvt) Ltd, and Impala Power Company (Impala). The developers joined representatives from Standard Bank South Africa and Stanbic Zimbabwe in Livingstone today to celebrate the MLA signing. Members of the Zimbabwean government also joined project stakeholders.
Deputy Minister of Energy and Power Development in Zimbabwe, Hon. Yeukai Simbanegavi MP, said, “I am honoured to be here today to help mark this important milestone in the development of Vungu Solar. Today’s signing marks another significant step towards financial close and demonstrates the potential of standardised project agreements to strengthen investor confidence and unlock international finance. Our expectation is that this model with serve as a benchmark for other IPPs and accelerate investment in Zimbabwe’s power sector. We congratulate Vungu Solar and all partners involved and look forward to the successful implementation of the project.”
British Ambassador to Zimbabwe, Gill Lever OBE, echoed the Deputy Minister’s sentiments, saying, “It is wonderful to see Vungu Solar reach another important milestone on its journey to delivering clean, reliable power for Zimbabwe. The involvement of Stanbic Bank Zimbabwe and Standard Bank South Africa reflects the strong partnerships that have been built between government, developers and investors to bring this project forward. The UK is proud to support Vungu Solar through PIDG and our broader partnership with Zimbabwe as we work together to unlock investment, strengthen energy security and support sustainable economic growth.”
Vungu Solar will be among the country’s first internationally project-financed solar independent power producers (IPPs). Today’s announcement marks a significant milestone for Vungu Solar as the project moves into its financing stage. The news follows the announcement in January 2026 of the signing of a 25-year Power Purchase Agreement (PPA) with the Zimbabwe Electricity Transmission and Distribution Company (ZETDC). Standard Bank South Africa, together with Stanbic Bank, intends to be a lender to the project and will support engagement with Development Finance Institutions and other lenders prior to reaching financial close. The project is intending to reach financial close in 2027.
Sherill Byrne, Head Project Finance, Energy and Infrastructure Finance at Standard Bank said, “We are pleased to support Vungu Solar alongside Stanbic Bank Zimbabwe as the project moves towards financial close. Bringing together Standard Bank’s project finance expertise and Stanbic’s local presence, we look forward to working with the developers and prospective lenders to structure financing for this important project. Vungu’s role in piloting standardised project documentation offers an opportunity to help pave the way for further investment in Zimbabwe’s solar sector”
Culven Chipfumbu, Chief Executive Officer of project founder Energywise Equipment (Pvt) Ltd said, “Witnessed by our peers from across the sector, we are proud to announce the MLA signing and to welcome Standard Bank South Africa and Stanbic Zimbabwe as our MLA for Vungu Solar. Coming in alongside our committed developer team and government partners, their expertise and guidance will drive the financing stage of this important renewable energy project.”
PIDG Regional Business Development Lead for InfraCo, Michiel Oosterhaven added, “Vungu Solar has been developed through a truly collaborative process to date and, with the MLA now in place, we expect the project to move swiftly towards financial close. We are committed to realising the project’s vision of delivering 30MWac of clean power to the national grid to meet the growing energy needs of Zimbabwe’s homes and businesses, whilst piloting standardised documentation to pave the way for future solar developments in Zimbabwe.”
