daniel chigunwe
Business Writer
Old Mutual Zimbabwe says it has committed US$20 million from the Renewable Energy Fund to solar and hydro projects that align with the fund’s objective of financing affordable clean energy.
The fund initiative is a collaborative effort between Old Mutual Zimbabwe, the Government, and the United Nations agencies dedicated to driving investments into renewable energy.
Group chief executive, Samuel Matsekete, said the fund aims to raise US$100 million to extend to willing private sector players that see value in efforts to promote renewable energy.
“These investments align with the Zimbabwe Sustainable Development Goals, focusing on SDG7, which talks about affordable clean energy, innovation and infrastructure development.
“This fund aims to provide financial protection, but beyond financial protection, social impacts and opportunities that will benefit investors and those involved in renewable energy value chains for their own prosperity.
“This reaffirms our commitment to promoting sustainable practices and making our choices and decisions in a manner that promotes long-term sustainability,” he said the second installment of OMZ’s one-day “Better Future Summit held in Harare.
Matsekete said by harnessing the sun’s power and the country’s abundant water resources, the group is paving the way for a cleaner, more resilient energy future.
According to Old Mutual, the Fund also aims to attract both local and international investors who are passionate about sustainability and recognise the potential of renewable energy in Zimbabwe.
Matsekete said the Fund will help facilitate innovation and infrastructure development that aligns with the country’s long-term economic and environmental goals through strategic investments.
He also noted that sustainability and sustainable development are the shortest ways to create a better future through private sector and government partnerships.
“OMZ is continuing to progress major projects to enhance its technology estate, as well as efforts to optimise distribution and service channels,” he said.
The group is also working on bringing new and modified products to the market to ensure that customers enjoyed more choice and flexibility through integrated financial solutions.
Bongani Ndlovu