Caledonia sells 12.2 MW AC Zimbabwe solar plant for $22.35 million

Caledonia Mining Corporation Plc, headquartered in Jersey, has sold its Zimbabwean subsidiary CMS to CrossBoundary Energy for $22.35 million in cash. According to Caledonia Mining, CMS owns a 12.2 MW AC solar plant that was commissioned in February 2023 and supplies power to Blanket Mine. The plant will continue delivering electricity under an exclusive PPA with Blanket Mine. As per Caledonia Mining, the plant has generated over 57,722 MWh of electricity during its operational lifespan of approximately 26 months, meeting around 20% of the mine’s daily demand. The facility was initially financed through a $13 million US share offering in 2020. Caledonia Mining said the sale followed a competitive process and leading to a net cash position improvement from a $3.8 million debt to $18.6 million following the transaction.