Jindal Secures P15 Billion for Mmamabula Energy Project, Botswana’s Largest Private Power Investment

Jindal Secures P15 Billion for Mmamabula Energy Project, Botswana’s Largest Private Power Investment. The Jindal Mmamabula Energy Project has reached a major milestone after securing P15 billion in funding, marking financial close on one of Botswana’s largest public-private energy ventures. The achievement signifies a new era of industrial investment and energy security for the country.

The project, officially launched by former President Mokgweetsi Masisi in October 2023, is a partnership between the Government of Botswana and Jindal Steel & Power through its local subsidiary, Jindal Energy Botswana. It represents one of the most significant foreign direct investments (FDI) ever made in Botswana’s history.

During a ceremony officiated by Minister of Labour and Home Affairs, Major General Pius Mokgware, Jindal Energy Botswana Country Director and Project Lead Mr. Neeraj Saxena confirmed that the P15 billion financing was secured through a consortium of Indian lenders, led by Axis Bank.

“This is a major milestone for the success of the project. Our lenders have visited the site, seen the progress, and confirmed their commitment to fund the project,” Saxena said.

To date, over P3 billion has already been invested by Jindal, with 1,800 jobs created and P650 million worth of contracts awarded to citizen-owned companies. The Botswana Power Corporation (BPC) and Jindal previously signed a 30-year Power Purchase Agreement (PPA), under which Jindal will build, own, and operate a 300 MW coal-fired power plant in Mmamabula.

With a total investment expected to exceed P28 billion, the project is forecast to create around 5,000 construction jobs and 1,000 permanent positions upon completion. Jindal also plans to expand capacity to 600 MW, reinforcing Botswana’s energy independence and industrial growth potential.