Russian firm to invest £700m in Tanzanian hydropower project
20 April 2011
A scheme believed to be the largest independent hydropower project in Tanzania is set to receive $700 million worth of investment from a Russian utilities company.
Zarubezhstroy Corporation (ZARS) will invest the money to put up a hydroelectric power (HEP) plant at Rumakali in the Iringa Region over a five-year period.
Once completed, the plant is expected to cover 20 to 25 per cent of Tanzania’s total hydropower needs, the Guardian reports.
ZARS board of directors Chairman Razmik Tarzerdyan told the news provider that the project will initially generate 222 Megawatts (MW) of energy.
He added that this would increase as the plant reached full capacity, at which point it will be generating at least 464 MW.
Mr Tarzerdysn said: “The Rumakali HEP initiative will make massive use of transfer technology to leverage the benefits of generation capacity built via the various other ventures ZARS is currently engaged in.”
The Russian power firm already has power production operations in a number of African countries including Libya and Uganda.