Escrow and security documents signed with the national electricity utility ring-fence payment for the 100MW Munyati Solar Project — addressing the project offtake risk
Victoria Falls Zimbabwe, August 2026 - The 100-megawatt Munyati Solar Project has secured the payment-security architecture its lenders require, clearing the principal commercial obstacle to financial close on what is set to become Zimbabwe’s largest utility-scale solar plant.
Munyati Evergreen Energy (Pvt) Ltd and the Zimbabwe Electricity Transmission and Distribution Company executed escrow and security documents on Tuesday, August 25th in the margins of the Eighth Meeting of the International Solar Alliance Regional Committee for Africa. The documents establish a ring-fenced mechanism through which the utility’s payments for electricity delivered under the project’s power purchase agreement are secured — the core of the security package the prospective lender group requires before committing debt.
The signing, witnessed by key Government partners including Hon. Minister Moyo (Minister of MOEPD), Eng. Cletus Nyachowe (CEO ZESA Holdings) and Dr. Gloria Magombo (Permanent Secretary of the Ministry amongst others,) represents a significant step in strengthening the Project’s financing and security framework as Munyati Evergreen Energy progresses towards financial close and the commencement of construction.
The Escrow and Security arrangements now in places shall provide greater certainty around the payment mechanisms supporting the Project and form an important part of the security package required by the prospective lender group.
Located near the Munyati Power Station in the Midlands Province, the Project will deliver 100MW of solar photovoltaic generating capacity into Zimbabwe’s national electricity system. Once completed, it is expected to become Zimbabwe’s largest utility-scale solar power plant, contributing additional renewable energy to the national grid and supporting industrial activity, mining, agriculture and wider economic productivity.
This milestone follows the recent successful site establishment and completion of early works on the Project site, including preliminary ground preparation, establishment of construction facilities and mobilisation of technical teams in preparation for the main construction phase.
The signing was particularly significant as it took place during the International Solar Alliance meeting, which brought together representatives from more than 40 African countries, development partners, financial institutions and energy specialists to advance solar deployment and mobilise investment across the continent.
Officially opening the International Solar Alliance meeting virtually, His Excellency, the President Dr. E.D. Mnangagwa called on African countries to move beyond discussions and convert the continent’s abundant solar resources into practical, bankable projects that deliver measurable development outcomes.
The President stressed that Africa should act without delay to turn its vast solar resources into practical projects capable of producing tangible development benefits.
He noted that the level of investment required across power generation, transmission, distribution, storage and related infrastructure could not be met through public resources alone. The President consequently called for stronger partnerships among governments, development finance institutions, private investors and other stakeholders, while reaffirming Zimbabwe’s commitment to creating an enabling business environment and supporting innovative financing models.
The progress being made on the Munyati Solar Project closely reflects this call, demonstrating how cooperation among Government, State utilities, private investors and international financing institutions can help translate renewable-energy ambitions into implementable projects.
Jordan Maze, chief executive officer of Munyati Evergreen Energy, described the signing as a momentous step towards financial close and construction and acknowledged the support received from all of the Project’s Government partners.
“The execution of these Escrow and Security documents is a major milestone for the Munyati Solar Project and represents a significant step forward towards financial close,” he said.
“We sincerely appreciate the continued support and cooperation of the Government of Zimbabwe, the Ministry of Energy and Power Development, ZESA Holdings and ZETDC in achieving this milestone together.”
Munyati Evergreen Energy continues to progress the remaining financing, technical and regulatory requirements towards financial close and the main construction phase in the coming months.
The Munyati Project forms part of Zimbabwe’s broader programme to expand electricity generation, diversify the national energy mix and promote private-sector investment in nationally important infrastructure under Vision 2030. The Project’s implementation is expected to strengthen energy security while providing cleaner and more reliable electricity to support the country’s industrialisation and long-term economic development.
Notes to editors
About Munyati Evergreen Energy (Pvt) Ltd
Munyati Evergreen Energy (Pvt) Ltd is the developer of the Munyati Solar Project. The company is focused on delivering utility-scale renewable energy infrastructure across Southern African that supports national development priorities, strengthens energy security, and expands access to reliable electricity.
Media enquiries
Name: Petronela Mutasa
Title: Corporate Liaison Manager
Organisation: Munyati Evergreen Energy (Pvt) Ltd
Phone: (+263) 0 77 514 3320
Email: petronela@gdc-capital.com
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