Insurance giant, Old Mutual Zimbabwe is making strides towards sustainability with the launch of the Old Mutual Renewable Energy Fund, a private equity initiative aimed at financing renewable energy projects aligned with Zimbabwe’s Sustainable Development Goals (SDGs).
Registered with the Securities and Exchange Commission, the fund has garnered initial support from Old Mutual, the Zimbabwean government, and various UN agencies.
Its primary focus is on developing local renewable energy initiatives, particularly in solar and hydropower.
Speaking at the launch in Harare on Friday, Old Mutual Zimbabwe Chief Executive Officer, Samuel Matsekete highlighted the initiative’s significance in tackling Zimbabwe’s energy issues.
“By harnessing the sun’s power and our abundant water resources, we are paving the way for a cleaner, more resilient energy future,” he said.
The fund is set to generate both financial returns and social impact, targeting a total of $100 million, with $20 million already committed to specific projects.
This focus on renewable energy is in line with the government’s National Renewable Energy Policy, which aims to elevate the country’s renewable energy contribution to 26.5% by 2030.
Dr. Gloria Magombo, Permanent Secretary for Energy and Power Development, underscored her support for the initiative, calling it a crucial step in achieving Zimbabwe’s renewable energy goals.
“Investment in the energy sector, especially renewable energy, will assist in powering the envisaged Upper Middle-Income Economy,” she said.
The Old Mutual Renewable Energy Fund presents a unique opportunity for both local and international investors to support Zimbabwe’s long-term growth.
Individuals and organizations can invest in the fund, promoting renewable energy projects and contributing to the nation’s prosperity and environmental sustainability.
