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Power Speed solar project stays on course

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Power Speed Electrical Limited is forging ahead with plans to put in place a pilot solar plant in Zimbabwe, a company official has said.

BY TARISAI MANDIZHA

Speaking at the company’s annual general meeting in Harare yesterday, Power Speed Electrical Limited managing director Hilton Macklin said the solar project was progressing well.

“The solar project is making steady progress and there are two different sizes of the project. We are not directly involved with the first project but we are involved with the small scale installations as far as the project is concerned,” Macklin said.

He said the company was currently finalising discussions with Zimbabwe Electricity Transmission and Distribution Company (ZETDC) and the regulator in terms of the interconnections between the solar systems and the national power grid.

“It should be finalised soon. It has been approved in principle, but there are technical details that need to be finalised,” he said.

Commenting on the trading update, Macklin said the group was ahead of last year’s target despite the difficult trading environment.

“The circumstances that we are trading in Zimbabwe are extremely difficult at the moment and we are finding that the lack of spending power is a problem, but we are ahead of where we were last year,” he said.

“We are making progress in the difficult environment.”
Macklin added that the group has opened two new branches in Southerton and Westgate and was working towards the establishment of more branches.
“We are continuing under the programme of branch extension and improvement both in terms of floor area, content and presentation,” he said.
“Our long-term goal is to have substantial growth. Our primary goal is to put ourselves in a strong position in terms of foot print and offerings to the market.”
Power Speed chairperson Simba Makoni said the Msasa branch has been expanded.
He said more expansions and renovations were underway at the Mt Pleasant branch, while the Bulawayo branch would be relocated to bigger premises.

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