admin
Sifelani Tsiko Agric, Environment & Innovations Editor
Africa Infrastructure Development Association (AfiDA) official Chief Executive Officer Vivek Mittal is visiting the country to help local renewable energy players explore concessional financing options to support Zimbabwe’s transition to cleaner fuels and power generation.
In a statement, the Renewable Energy Association of Zimbabwe (REAZ) said Mittal will be in the country from January 30 – 31 to discuss ways in which AfiDA could support the development of renewable energy in Zimbabwe.
“The introductory meeting is to discuss ways in which AfIDA may support the development of renewable energy in Zimbabwe covering infrastructure and energy project development processes and ways of improving their effectiveness.
“The meeting will also explore piloting green energy projects linked with mining and industrial projects and engaging domestic institutions in financing infrastructure development,” said the Renewable Energy Association of Zimbabwe.
Mittal has vast experience on energy infrastructure financing and has advised start-up clean energy developers in Africa and Asia and development finance institutions on investment policy issues.
He serves as the Independent Investment Committee Member on the Clean Energy Transition Fund for Turkey and South-Eastern Europe managed by Crescent Capital of Turkey.
Moving Zimbabwe’s economy into greener energy will require vast funds in the longer term through co-financing between local IPPs and foreign multilateral agencies.
Zimbabwe had so far proposed incentives to accelerate 1 000 megawatts of privately owned solar energy projects worth about US$1 billion.
This is expected to enhance the country’s energy matrix and plug an electricity deficit facing Zimbabwe.
The country is currently generating one –third of its 2,000MW peak power demand and rolling out load shedding after its main Kariba hydropower plant reduced power generation due to low water levels.
Its coal-fired plants are struggling and often experience breakdowns, impacting mines, industry and households.
Zimbabwe is aiming to generate 1 100MW from renewable energy sources by 2025. This drive has been affected by lack of investment by independent power producers (IPPs) and sanctions imposed on the country by western countries.
Despite the challenges, the country is pressing ahead to diversify its array of renewable power sources.
According to a 2019 OECD report, US$6,2 billion of finance was made available to Africa for climate mitigation.
Growing Zimbabwe and Africa’s renewables capacity presents an opportunity for investors to join forces with local IPPs to boost green energy utilisation.
Most utilities in Africa are still state-owned and many suffer from financial distress.
Africa accounts for less than three percent of the world’s energy-linked carbon emission but it is the most disproportionately hit by climate change.
African leaders at the COP27 climate conference which was held last year in Egypt argued they must be allowed to develop coal, oil and gas resources to help lift their people out of poverty.
Africa has just a two percent share of global renewable capacity compared with eight percent for South America and 48 percent for Asia, according to the International Renewable Energy Agency.
Online Reporter