Jersey, Channel Highlands headquartered Caledonia Mining Corporation Plc has signed a conditional agreement to sell its Zimbabwean subsidiary, Caledonia Mining Services, to CrossBoundary Energy Holdings (CBE) for $22.35 million. Caledonia Mining Services operates the 12.2 MW solar plant that supplies power to the company’s Blanket Mine. The solar facility, built at a cost of $14.3 million and commissioned in February 2023, has since generated over 47,350 MWh of electricity. The sale will return capital to Caledonia at a crucial time in its growth, allowing it to reinvest in higher-return gold mining projects. However, Caledonia Mining will retain the energy offtake, ensuring that the solar plant continues to provide approximately 20% of the Blanket Mine’s daily electricity needs through a power purchase agreement (PPA). CBE has been invited to explore a potential expansion of the solar plant, which could further support the mine’s energy requirements.
Caledonia Mining offloads 12.2 MW PV plant to CBE
Caledonia Mining will realize a profit on its $14.3 million investment by selling the solar plant to CBE for $22.35 million. (Image Source: SolarEnergy/Pixabay)
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