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Ariston Holdings Limited, a Zimbabwe Stock Exchange-listed agricultural firm, has reported substantial financial savings following strategic investments in solar energy. The company says these projects have significantly reduced reliance on diesel generators and the associated high maintenance expenses.
The centrepiece of Ariston’s renewable energy strategy is its largest solar initiative to date — a 1.2 MW solar power plant commissioned in July 2023 at Southdown Estate in Chipinge. The plant is connected to the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) grid through a net metering arrangement, allowing the estate to offset electricity costs and improve energy efficiency.
Like many Zimbabwean corporations — including Caledonia Mining Corporation, Schweppes Zimbabwe, Econet Wireless Zimbabwe, and Tongaat Hulett — Ariston is embracing solar power in response to persistent grid instability and the need for sustainable, reliable energy solutions. These corporate efforts align with the Government’s broader initiative to issue independent power producer (IPP) licenses and transform Zimbabwe into a net energy exporter.
In its recently released 2024 annual report, Ariston Board Chair Alexander Jongwe acknowledged that the group faced mounting input costs for essentials like electricity, fertilisers, and crop chemicals. However, he noted that the adoption of solar energy helped offset some of these financial pressures.
“The Southdown Estate solar plant has brought notable savings by minimizing generator usage and reducing maintenance costs, while also supporting environmental sustainability,” Mr. Jongwe said. “Though benefits from the solar project were partially offset by increased grid tariffs, the net impact remains positive.”
Building on the success at Southdown, Ariston has announced plans to roll out additional solar installations at its Roscommon, Clearwater, and Kent Estates. These upcoming projects aim to further reduce generator dependence and mitigate the impact of power disruptions.
Ariston’s approach mirrors a broader shift in Zimbabwe’s private sector toward renewable energy investment, in line with national goals to cut energy-related emissions by roughly 33% by 2030 through expanded solar and hydroelectric power.
Despite improved revenue, which rose 9% to USD 7.066 million, mainly due to stronger macadamia output and pricing, the company reported a gross loss of USD 1.39 million. This was attributed to increased costs in key production inputs. Finance costs also rose 23%, compounding operational challenges. Nonetheless, Jongwe highlighted positive contributions from Ariston’s three joint ventures — Bonemarrow Investments (Claremont Powerstation), Claremont Orchards Holdings, and Mombe Shoma — which bolstered the group’s overall performance.
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Ariston also benefited from foreign exchange gains following a switch in functional currency to Zimbabwe Gold, reversing previous losses tied to US dollar-denominated liabilities. As a result of these various factors, the company recorded a 29% improvement in its overall loss before other comprehensive income compared to the previous year.
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