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Trust Freddy
Herald Correspondent
Government has reassured investors and other partners in the energy sector that favourable exchange control regulations and incentives will always be available, as the country seeks to develop a vibrant and thriving energy sector.
Speaking during a stakeholder consultation workshop on the Accelerated Partnership for Renewables in Africa (APRA) yesterday, the Acting Minister of Energy and Power Development, Dr Jenfan Muswere, reiterated the Government’s commitment to working with investors, saying over 120 Independent Power Producers (IPPS) had already been registered.
“I can assure you that the enabling environment has been created for the success of the renewable energy sector.
“I would also like to assure investors and any other partners that are interested in the energy sector in terms of exchange control regulations, return on investment, and repatriation of funds that the Government is also working on many other modalities that are going to ensure that there is comfort and security in terms of investment across all sectors of the economy, including the renewable energy sector,” said Minister Muswere.
A wide range of stakeholders attended the meeting, including representatives from the European Union, Denmark, the United Nations, the African Development Bank, and other development partners.
Minister Muswere also added that the Government is receptive to new ideas and also willing to implement policies that promote energy security.
“At the same time, I want to assure you, as engineers, entrepreneurs, partners, and investors, that, as the Government of Zimbabwe, we believe in a stakeholder approach for us to be able to develop watertight, sustainable, futuristic renewable energy programmes and policies.
“In line with Zimbabwe’s open-for-business mantra, we are in a position to relax and adjust any legislation that is going to support energy security because we believe that we don’t have a monopoly of knowledge.
“We have invested a lot in terms of hydropower generation and also licensed a number of mini-hydropower stations across the country, so in total, we have managed to register plus 120 new organisations, primarily independent power producers”.
The Permanent Secretary in the Ministry of Energy and Power Development, Dr Gloria Magombo said the focus was now on promoting the renewable energy sector.
“We have partnered with the International Renewable Energy Agency, Germany Embassy, Denmark, UAE, and EU as a whole to come together with all different stakeholders within the energy sector
“We have partnered with the International Renewable Energy Agency, Germany, Denmark, UAE, and USA to come together with all different stakeholders within the energy sector. To identify areas where we need to develop the capacity to improve the environment for their participation but most importantly to identify the potential for funding of projects because the key challenge in the past has been funding.”
Dr Magombo also noted that there are already a number of renewable energy projects being funded locally, but the Ministry is now seeking direct foreign investment to further develop the sector.
Nyangani Renewable Energy Pvt. Chief Executive Chairman, Mr Ian M’Kersie, said that while the country’s policy framework for renewable energy is sound, there are a few areas that need to be addressed.
“Zimbabwe has great potential and has a great policy, except for some consequences that have affected the IPPS. If we correct that we can attract immense investment into the sector, and we are always trying to remove those barriers to investment,” he said.
Peter Tanyanyiwa
Online Reporter