Tanganda Tea Company announced on Tuesday that it saved at least US$700,000 in power costs last year by replacing diesel generators with green energy.
This comes as the continued power outages continue to increase operational costs for many companies, which are now relying on generators to avoid disruptions.
Speaking on the sidelines of the company’s annual general meeting held in the capital, chief executive officer Timothy Fennell said they have invested about US$8 million on the three solar projects that are currently up and running.
The company built and finished installing a 1.8 MW solar plant at Ratelshoek Estate, a 1.2 MW solar plant at Tingamira Estate, and a 1.4 MW solar plant at Jersey Estate.
“We have three smaller ones to do. We’ll probably do one every year for the next three years, for a total of about US$4 million, maybe a little more.
“At current fuel prices, we are obviously looking at the best part of US$700 000 a year of savings in diesel only from the generators,” he said.
With the prevailing power challenges, he said it is an absolute necessity to have a backup power source in the form of green energy.
“I do not have the exact figure on me, but I can tell you that it probably saves in the region of 400 000 liters per annum of diesel just in diesel savings alone, without taking into account the Zimbabwe Electricity Supply Authority savings,” he said.
The world is going through a profound change in energy and renewable energy has moved to the center of the global energy landscape.
The tea firm closed its last trading day at $251.25 per share on the Zimbabwe Stock Exchange, recording an 11% gain over its previous closing price of $226.3516. It began the year with a share price of $89.3667 and has since gained 181% on that price valuation, ranking it second on the ZSE in terms of year-to-date performance – Harare