Zimbabwe’s largest tea production company, Tanganda Tea Company Limited (TTCL) has announced it will next month complete constructing small solar plants on its tea estates in Chipinge, Manicaland province, to boost production as power cuts increase.
Zimbabwe is experiencing power cuts owing to reduced capacity at the Hwange Thermal Power Station amid shortages of foreign currency to import electricity, companies are investing in solar projects to generate power.
The need to scale up operations comes as Tanganda, which earlier this month demerged from Meikles through listing on the main bourse, is looking to unlock shareholder value.
“The company has invested in solar plants on its Ratelshoek, Tingamira and Jersey estates to produce an aggregate of 4, 4 megawatts.
This project is due for completion in March 2022 and will go a long way in ensuring consistent production, extended irrigation support, and minimum downtime due to erratic power supply,” Tanganda said in a statement.
“Since its inception, the company has invested significantly in enhancing its capacity and widening the product range for the local and export markets.
“It is a great example of how a company can succeed with a vibrant and forward-looking management. The company has actively looked at risk and ways to mitigate it to ensure long-term growth.”
The company added: “The company, which employs over 5 000 people with the majority in Manicaland has continued to grow its operations and its diversification plan has gained root. Tanganda is now getting to be known not just for its tea but as an agricultural export business”.
Tanganda is known for coffee, macadamia nuts and avocados and as a leading exporter to the region for agricultural products.
It exports 80% of its tea products, almost 90% of avocados and nearly 100% of macadamia nuts.
The company is continuing to introduce new products to the market with strong exploration and diversification continuing to indicate sustainable contribution and future growth of its resource base.
“This has resulted in a strong portfolio of brands that includes Tanganda Tea, Stella Tea, Healthi Green, Tanganda Herbal Infusions Moringa, Natra Rooibos, Nella Rooibos, and High Country Coffee on the domestic market. It also grows coffee marketed under the Nespresso brand,” Tanganda said.
The new products include Zumbani (lippia javanica) that has seen huge demand as a home remedy for Covid-19.
“The company continues to be appropriately positioned as an upmarket trusted brand,” it said.
The tea maker said this made it a sound, sustainable and attractive company for locals, diasporans and foreign investors looking to invest on the Zimbabwe Stock Exchange.
It had total assets worth $5 183 482 196 as at March 31, 2021.
