Zimbabwe’s investment promotion agency has identified the CICADA Macadamia and Avocado Plantation Expansion Project as a major agribusiness opportunity, with the developer seeking to raise US$39.5 million to restructure short-term debt and finance large-scale expansion across the Midlands and Manicaland provinces.
According to the project prospectus, CICADA is “seeking to raise a total of US$39.5 million to restructure its short-term debt and fund its expansion programme,” positioning the investment as both a balance-sheet stabilisation initiative and a growth strategy anchored in export-oriented horticulture.
The project targets the development of 800 hectares of irrigable land and the establishment of 1,200 hectares of macadamia and avocado tree crops. It also aims to expand the small-scale farming programme from 800 to 6,500 households, significantly increasing smallholder participation in high-value export supply chains.
The prospectus highlights strong market fundamentals, noting that Zimbabwe is among the world’s top ten macadamia exporters. Global macadamia demand is valued at more than US$1.2 billion, while global avocado demand exceeds US$14 billion, reinforcing the project’s export-driven rationale.
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However, the financial structure reflects the long-term nature of perennial crop investments. The expansion is divided into two phases, with Phase One estimated at US$19.5 million and Phase Two at US$15 million.
The project forecasts 15-year revenues of US$386 million and EBITDA of US$96 million, but carries a nine-year payback period due to delayed revenue generation associated with tree crops.
The project’s net present value is estimated at US$14.4 million, indicating positive long-term returns, although performance remains dependent on sustained export prices, irrigation efficiency and climate resilience over an extended period.
CICADA Holdings operates across agriculture, forestry, carbon and solar portfolios and currently manages approximately 2,200 hectares under production, including avocados, macadamia nuts, soya beans, wheat and one of Zimbabwe’s largest banana plantations, providing operational scale and diversification to support the expansion.
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