(Ecofin Agency) - A consortium of seven South Korean companies are looking to invest in Zimbabwe’s power sector. The seven firms are Seondo Electric, HISC, Parkmate Investment, Bund Holding Group, Jung-Myung Engineering, Korea Consortium and Hyundai Power Solatech.

“Project financing shall be arranged by HISC. The total project cost is yet to be established, but the first phase should be about $300 million,” revealed Partson Mbiriri, Energy and Power Development secretary.

The consortium visited the country, looking for opportunities to build average size solar plants and a number of substations. Marondera, Mutorashanga, Tokwe, Haven and Chertsey are among pre-selected communities to receive the plants. 

Beside power stations, the firms are also interested in manufacturing solar water geysers, solar panels, LED bulbs and other hi-tech and lighting equipment.  

“Over the last two years, Seondo Electric Company and Parkmate Investments have engaged ZENT (Zesa subsidiary) with a view to creating a joint venture”, Mr Mbiriri said.

An initial memorandum of understanding was already signed and the State Procurement Board has already endorsed the joint venture proposal.

Gwladys Johnson