Financial Insight

𝐌𝐈𝐒𝐀 𝐆𝐫𝐨𝐮𝐩’𝐬 𝐌𝐨𝐝𝐚𝐬𝐨 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐓𝐚𝐭𝐚𝐧𝐠𝐚 𝐄𝐧𝐞𝐫𝐠𝐲 𝐭𝐨 𝐛𝐮𝐢𝐥𝐝 𝐙𝐢𝐦𝐛𝐚𝐛𝐰𝐞'𝐬 𝐟𝐢𝐫𝐬𝐭 𝐮𝐭𝐢𝐥𝐢𝐭𝐲-𝐬𝐜𝐚𝐥𝐞 𝐰𝐢𝐧𝐝 𝐟𝐚𝐫𝐦 𝐚𝐧𝐝 𝐡𝐲𝐛𝐫𝐢𝐝 𝐬𝐢𝐭𝐞 228 MW Guruve-Mazowe hybrid project will combine wind, solar and battery storage behind a single 100 MW grid connection, with ZESA, the national utility, as the project’s primary offtaker alongside Zim GreenCo (Africa GreenCo), and StandardBank appointed to arrange the debt. Watch the project launch video here: youtu.be/7W1nmxJqOPU Livingstone, 3 November 2026: Modaso Energy, a MISA Group company, and Zimbabwean developer Tatanga Energy announce their partnership to develop the Guruve-Mazowe (Chikonyora) Hybrid Renewable Energy Project in Mashonaland Central. Once built, it will be Zimbabwe's first utility-scale wind farm and the first project to combine wind, solar and battery storage on one site at a utility scale in sub-Saharan Africa (excluding South Africa) with the national utility as a key offtaker. The project brings together 128 MW of wind, 100 MWac of solar PV and a 50 MW/100 MWh battery behind a single 100 MW connection to the national grid. It is expected to deliver around 550 GWh a year, equal to roughly 5% of Zimbabwe's current annual generation. Tatanga Energy originated the project and is the partner on the ground. It leads land, community, permitting and government engagement in Zimbabwe, and has done so since the wind measurement campaign began in 2021. Modaso Energy leads technical development and structuring. It redesigned the original wind-only scheme as a wind, solar and storage hybrid, and is structuring the project’s offtake, contracting and debt financing towards financial close. MISA Group, Modaso’s parent company, brings balance sheet strength and its network of financial relationships. It anchors the sponsor group, connects the project to international lenders, investors and risk-cover providers, and holds the partnership together on a single route to financial close. MISA Group is based in Geneva and has operated in Africa for more than 27 years, with activity in more than 25 countries and annual revenue above USD 5-billion. “There is no shortage of renewable resources in Africa; but there is a shortage of electrons at the right place and the right time, and of bankable, high-quality projects. At MISA Group through Modaso Energy, we're changing that,” says Guy Hacking, CEO of MISA Group. “Everything we build is done in partnership, whether within MISA Group or with third parties. The GuruveMazowe Hybrid Renewable Energy Project demonstrates this: Tatanga Energy has developed a well-designed, high-quality project, but there was a huge opportunity for us to partner with them and add the technical, hybrid expertise of Modaso Energy while also putting MISA Group’s balance sheet and banking connections to work. With Modaso, we have a pipeline of over 1 GWh of renewable projects that sit behind this initial project, powered by our firm belief that Africa is not under-resourced, it's under-invested – and we exist to change that.” 𝐎𝐟𝐟𝐭𝐚𝐤𝐞 𝐚𝐧𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 ZESA, the national utility, is set to be the project's primary offtaker; negotiations on the Power Purchase Agreement (PPA) and Use of System Agreement are in progress. “At ZESA, our job is to deliver reliable power to every Zimbabwean home, farm and business. Through ZESA, we are working with Modaso and Tatanga to bring the Guruve-Mazowe project’s power onto our national grid. This will be Zimbabwe’s first utility-scale wind farm, and our country’s first project to combine wind, solar and battery storage. It means new clean power for Zimbabwe, and new skills for Zimbabweans. We are proud to help build it,” says Eng. Cletus Nyachowe, Group Chief Executive Officer, ZESA. Africa GreenCo, through its Zimbabwean subsidiary ZimGreenCo, has also signed Heads of Terms to buy a share of the plant's output under a long-term contract. Additional output may be sold into the Southern African Power Pool. “Zimbabwe needs new renewable generation that is reliable and bankable,” says Lion Mashiri, Managing Director for Zimbabwe at Africa GreenCo. “As a contracted buyer and trader, ZimGreenCo gives Guruve-Mazowe a second route to market alongside ZESA, with access to buyers across the Southern African Power Pool. That diversified revenue makes the project stronger for lenders and helps bring private investment into Zimbabwe’s power sector. A hybrid plant that delivers firm power from wind, solar and storage fits what the market needs. We are proud to support Tatanga Energy, Modaso Energy and MISA Group as they take the project to financial close.” Standard Bank has been appointed lead arrangers for the project debt, and the debt term sheet has been agreed. The project represents an estimated USD 300-million of foreign direct investment into Zimbabwe. FULL STATEMENT BELOW @AfricaGreenCo @SBGroup