A Russian utilities company is planning to invest $700 million in what could be the largest independent hydropower project in Tanzania, wire services reported.
Power and construction company Zarubezhstroy Corporation, or ZARS, is set to embark on a five-year venture to construct a hydroelectric power plant in the south of the country in Rumakali in the Iringa Region, reports indicate. A ZARS official disclosed the plan during the Ninth African Investment Forum in Dar es Salaam, reports indicate.
When completed, the hydro project is expected to cover 20 percent to 25 percent of Tanzania's hydropower needs.
The project will initially generate 222 MW to be fed directly into the national grid, and could eventually have a capacity of more than 460 MW, according to wire reports.
The Russian firm, which also produces and supplies equipment to electricity ventures across the globe, has power production operations in several African countries, including Libya and Uganda.
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