Bindura Nickel Corporation to embark on solar plant project
Victoria Falls Stock Exchange (VFEX) listed Bindura Nickel Corporation (BNC) plans to embark on a solar plant project as part of broad measures to transition to clean energy sources to reduce carbon footprint, production costs and improved profitability.
Recently, high energy power consumption firms mostly in the mining sector have been setting up solar plants.
Last year, the Government tabled various incentives to shore up investments in renewable energy in a bid to meet its target.
The incentives include Government guarantees for investors to remit dividends in foreign currency and be able to repay offshore loans.
The Zimbabwe National Renewable Energy Policy, launched in 2019 set the target of achieving a renewable capacity of 1 100 MW or 16,5 percent of overall electricity supply by 2025.
By 2030, it targets 2 100 MW or 26,5 percent of the overall supplies, which is in line with its pledge to reduce greenhouse emissions by 2030.
The policy also aims to have installed 250 000 solar geysers, increase the use of institutional and domestic biogas digesters, deploy the use of solar mini-grids and solar water pumping solutions, and boost the use of renewable technologies.
To encourage investments in renewables, Zimbabwe is offering other incentives including duty and tax exemptions and prescribed asset status for pension and insurance companies.
In its 2023 Annual Report, the mining firm highlighted that energy mining operations are energy intensive which requires efficient energy management systems in all processes.
Energy efficiency can result in reduced production costs and improved profitability, it said.
“The company largely consumes electricity in mine operations and the Trojan Village where our employees reside. However, pollution can be experienced in the use of petrol and diesel in some of our operations.
“Our plans are to transition to clean energy sources to reduce our carbon footprint. To this effect, we have invested in a power factor correction unit and we will be embarking on a solar power plant project,” reads part of the report.-chronicle
