Zimbabwe is part of four African countries set to benefit from a US$10 million solar power funding by the Africa Enterprise Challenge Fund (AECF).
Speaking to 263Chat in Harare recently, AECF Chief Executive Officer, Paul Ndiege said the five year program will empower start up solar businesses as well as established ones.
“Our strategy is to work with the private sector to try and stimulate access to renewable energy products in Africa.
“We have been working mostly in East Africa and that’s where most of the funding has gone. In 2010 we introduced a renewable energy portfolio and specifically of this session we are looking to promote renewable projects which are focused on four countries in Africa namely Zambia, Zimbabwe, Malawi and Sierra Leone,” said Ndiege.
AECF has a record of investing in agriculture across Africa and has disbursed a total of US$256 million to-date.
“Currently we have 10 grantees in Mozambique who are benefiting from our funding and they have received investment of $13 million in the last four years. We now have another $10 million which are putting up for competition and the winner of the bid will have their project fully funded,” Ndiege said.
Isaiah Nyakusendwa Chairman of Renewable Energy Association of Zimbabwe said the funding comes at a time when the country is taking strides in fighting climate change.
He encouraged local companies to invest In solar energy in order to mitigate the effects of climate change.
Nyakusendwa said the funding is likely to increase uptake of solar energy in rural areas where there is solar energy deficiency.
“The interest is that if we get funding from this initiative then it will increase access of solar energy in rural areas where there is solar energy poverty,” he said.
Zimbabwe uses the traditional grid way of energy distribution and the coming in of AECF will likely see a paradigm shift to solar energy which is also renewable.
