Sol Air is set to receive a minimum US$100 million investment from Hong Kong investor YAYA Sun, following the signing of a LOI between the two parties.
This is the second attempt at the deal, as the previous $55 million in 2017 failed to close due to Zimbabwe's financial troubles. Sol Air was expected to launch in 1Q 2017, at the time.
Sol Air already obtained its license to launch domestic and international routes back in 2012.
There is no firm timeline for its launch yet, but it is expected to occur soon after the next elections in July 2018, according to MD Nkosilathi Sibanda.
Sol Air is currently in talks with the government over securing international routes, but says challenges remain as Air Zimbabwe is the preferred carrier.
The new airline is planning to launch flights to Europe, China and the US, as well as domestic and regional routes.
The fleet already consists of five planes secured from the UK.