Tanzanian billionaire Rostam Aziz plans to build first-ever utility solar project in Zanzibar worth $140M

CEO of Taifa Energy and Tanzanian billionaire, Rostam Aziz, has partnered with General Capital Limited (GCL), a Mauritanian-based firm, to sign a contract with Zanzibar’s national Electricity Corporation (Zeco) to build a utility-scale solar photovoltaic (PV) project on the island, which will add 180 megawatts of electricity to the island’s grid.

The alliance of the two companies will manage the development of the project, which is said to cost about $140 million. Under the contract, Zeco will be the procurer of the electricity generated by the solar project.

Joseph Kilangi, permanent secretary of Tanzania’s Energy and Minerals Ministry explained that the project will be executed in phases according to Africa Briefing. Its initial phase, which involves the construction of a 30 MW solar PV plant in Bambi, located within the Central District of South Unguja Region, is expected to be completed in 2024.

Azis made note of the fact that the project is quite historic due to it being the first utility-scale solar PV project in Tanzania. He also commended the Zanzibar Investment Promotion Authority, which bestowed investor status on GCL and backed it with all the rights and privileges it comes with, Billionaires Africa reported.

The Tanzanian billionaire mentioned that the project is projected to impact job creation rapidly, as well as encourage sustainable development, especially in areas where there is a dire need for a reasonably priced and reliable power supply. He shared his eagerness for the project, highlighting its importance in boosting the development of renewable resources on the whole African continent.

Rostam Azis is a self-made billionaire, who is considered one of Tanzania’s richest entrepreneurs. Aside from business, Azis once held a political position as a Member of Parliament from 1994 to 2011.

During his tenure, he improved the water supply in his constituency, making it the first district to have a dispensary in every village and every ward.

The forward-thinking businessman has investments and businesses that cut across telecommunication, aviation, port management real estate, agriculture, media, and mining.