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Memory Mashingaidze leads Great Zimbabwe Hydro Project to transform energy

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The highly anticipated Great Zimbabwe Hydro Power Project has officially commenced operations, marking a significant milestone in the country’s renewable energy development.

Located near the historical Great Zimbabwe Ruins in Masvingo, the 5 MW hydroelectric facility is the first in Zimbabwe to be built adjacent to an existing Zimbabwe National Water Authority (ZINWA) dam (Lake Mutirikwi) , setting a new precedent in the country’s energy infrastructure

With Zimbabwe grappling with chronic power shortages, the new hydro plant is seen as a key solution in boosting national electricity supply, driving industrial growth, and supporting rural electrification. The project led by Memory Mashingaidze is also a landmark for the Southern African region’s transition to clean energy, contributing to the reduction of fossil fuel dependence while fostering sustainable development.

The Great Zimbabwe Hydro project is particularly significant not only for its technical and financial achievements but also for the trail it has blazed for women in energy. The Great Zimbabwe Hydro Power Project is the result of a strategic partnership between a range of investors, including Frontier Energy, a Danish investment fund, and several local financial institutions such as Old Mutual Life Assurance Company Zimbabwe, the Public Service Pension Fund, ZB Financial Holdings Pension Fund, and MOL Power. These entities have provided both the financial backing and technical expertise necessary to bring the project to life.

Memory, who is the co-founder and Executive Director of the project, expressed immense pride in the project’s completion, noting that it had been a long journey since its inception in 2010.

“I thank our shareholders, board, stakeholders, contractors, advisors, project managers, employees and all those who have supported this project both directly and indirectly for working tirelessly over the last couple of years in constructing this landmark project.

“The Great Zimbabwe Hydro Power Plant contributed to job creation in the Masvingo region, with both direct employment at the facility and in indirect opportunities. Furthermore, the plant’s operational success is expected to attract additional investment into the region, fueling further infrastructure and development initiatives.” she said.

Memory Mashingaidze: A Trailblazer in Southern Africa’s Renewable Energy Landscape

Memory Mashingaidze’s journey into the energy sector has been one of determination, resilience, and breaking barriers. With a background in finance and infrastructure investment, she transitioned into the energy sector, ultimately leading projects that aim to revolutionize Zimbabwe’s energy infrastructure.

Her role in developing the Great Zimbabwe Hydro Power Project and other renewable energy initiatives is a testament to the increasing presence and influence of women in the traditionally male-dominated energy and infrastructure sectors.

“I am delighted to see the Great Zimbabwe Hydro Power Project commissioned and begin contributing to Zimbabwe’s electricity generation,” she said.

Memory, a pivotal figure in Zimbabwe’s renewable energy sector, is known for her unwavering commitment to infrastructure development in Southern Africa. As the co-founder and leader of Tatanga Energy and Great Zimbabwe Hydro, Mashingaidze’s leadership and perseverance have driven the successful development of some of the region’s most innovative energy projects.

She founded Tatanga Energy in 2018, the company is focused on building a diverse pipeline of energy projects, with 155 megawatts currently under development. While not as large as some major players, Tatanga Energy is making significant strides, with groundbreaking projects, including a landmark wind power initiative that promises to be one of the first of its kind in Zimbabwe. Mashingaidze’s role at Tatanga Energy is twofold, overseeing the operations of Great Zimbabwe Hydro and leading the renewable energy development at Tatanga, with an expanding footprint that is starting to include early-stage projects in neighboring Zambia.

Her most notable achievement is the Great Zimbabwe Hydro Project, a five-megawatt hydropower project sited at the dam wall of Lake Mutirikwi in Masvingo. The project, which took 11 years to reach financial close, marks a milestone in Zimbabwe’s energy landscape as it is the first hydropower project built adjacent to an inland dam. This distinction is significant because most of the country’s previous projects were run-of-river models, and navigating the regulatory hurdles associated with dam infrastructure proved complex.

Reflecting on the project’s long development timeline, Mashingaidze recalls how each passing year seemed to coincide with her daughter’s birthday, serving as a personal reminder of the project’s slow progress. It wasn’t until December 31, 2021, just before midnight, that the project finally achieved financial close. This milestone was the culmination of years of hard work, negotiation, and collaboration with various stakeholders, including VS Hydro, Frontier Energy, Old Mutual, and Zimbabwe’s Public Services Pension Fund.

“When we began this journey, my daughter was born, and every year, as her birthday passed, I wondered if we would ever reach financial close. Last year, for the first time, we were able to celebrate her birthday knowing that the project had officially closed its funding. It’s been a long road, but incredibly rewarding,” Mashingaidze said.

Mashingaidze’s path to becoming a renewable energy developer was not a straight one. Initially focused on investment and financial management, she began her career working on listed investments before joining the International Finance Corporation (IFC) in Johannesburg, where she honed her expertise in infrastructure investments across Sub-Saharan Africa. Over the years, her career evolved, and she became deeply involved in energy projects, ultimately heading the Energy Division at South Africa’s Public Investment Corporation, where she managed investments in nearly one gigawatt of energy projects.

Her decision to pivot from finance to full-time development in Zimbabwe was both personal and professional. Mashingaidze, who had spent 14 years working in infrastructure finance, realized that she could make a more meaningful impact by directly driving the development of energy projects in her home country.

“I needed to prove to myself that it’s possible,” she says. “As a young Black woman in the energy space, with no influential family connections, I wanted to show that it’s possible to make a difference.”

A Unique Energy Solution for Zimbabwe

Unlike traditional hydropower plants that rely on river flow, the Great Zimbabwe Hydro Power Plant is the first in Zimbabwe to utilize an existing, publicly owned dam. This unique approach has posed its own set of challenges, particularly in navigating the regulatory and legal landscape.

As the first independent power producer (IPP) to be licensed in Zimbabwe, the project faced numerous hurdles, including negotiating water use agreements with ZINWA, addressing land tenure issues, and securing off-take agreements. Despite these challenges, the project reached financial close in December 2021, thanks to the tireless efforts of the development team and the strong backing of its investors.

In addition to its energy output, the project is set to create jobs and stimulate local economies, particularly in the Masvingo area. The facility’s operation is expected to improve local infrastructure, provide reliable electricity to nearby communities, and contribute to the country’s broader socio-economic growth.

Other key stakeholders also praised the project’s successful launch. Daniel Schultz of Frontier Energy highlighted the long-term potential for renewable energy growth in Zimbabwe, adding, “We are thrilled to see the Great Zimbabwe Hydro Power Plant commence operations and begin contributing to Zimbabwe’s power grid, creating jobs and stimulating local economies in Masvingo and surrounding regions.”

Samuel Matsekete, Group CEO of Old Mutual Zimbabwe, echoed these sentiments: “This project underscores our commitment to sustainable energy solutions, to supporting growth of the economy, and to creating positive economic and social impacts for the communities in Zimbabwe. We are also excited to be playing a key role in Masvingo’s first-ever power project of this nature through the Old Mutual Life Assurance Company Zimbabwe Limited, alongside our partners.”

The completion of the Great Zimbabwe Hydro Power Project is a major step forward in Zimbabwe’s pursuit of energy self-sufficiency and its broader goals for sustainable economic development. As the country faces rising energy demands, this landmark project sets the stage for a new era of renewable energy investments that are expected to transform Zimbabwe’s energy landscape and contribute to the region’s clean energy transition.

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