The approval follows the group’s second session of the board of directors 71st meeting, which was held on Tuesday (March 14) in Beijing.
“The Board of Directors of the Company agrees that the Company’s wholly-owned subsidiary, which is an indirect subsidiary of the company, is a wholly-owned subsidiary of China Hydropower Construction Group International Engineering Co Ltd and Zimbabwe Power Company in accordance with 36 percent, 64 percent of the proportion of the formation of the project company investment
“Construction of Zimbabwe Wangji coal-fired power plant expansion project, the project investment of $1, 488 billion,” reads a notice of resolutions which underwent a rough translation.
Further details of the proposed coal-powered electricity plant are yet to be announced.
The project, when implemented, should go a long way to improve the country’s energy supplies. Zimbabwe requires an average of 1 400 megawatts (MW) against current generation of 1 000MW.
According to a company overview provided by Bloomberg.com, Power Construction Corporation of China is involved in engineering, procurement, and construction services for the development of hydropower, water works, thermal power, new energy, and transmission and distribution projects in China and internationally.
It also engages in the planning, investigation, design and consulting, construction, operation, and maintenance of hydro, thermal, new energy, and transmission and distribution projects; and investigation, planning, construction, operation, and maintenance of infrastructure projects, such as highways, railways, urban rail transits, airport terminals and runways, water utilities, and civil buildings.
The US dollar is currently trading 1 : 6, 9115 to the Chinese yuan renminbi.