Old Mutual Zimbabwe has taken a significant step towards a more sustainable future by launching the Old Mutual Renewable Energy Fund, a private equity fund dedicated to investing in renewable energy projects that align with Zimbabwe’s Sustainable Development Goals (SDGs).
The Securities and Exchange Commission-registered fund has received initial contributions from Old Mutual, the Zimbabwean government, and a number of UN agencies. Its goal is to finance and develop local renewable energy initiatives, with a concentration on solar and hydropower projects.
Old Mutual Group Samuel Matsekete, emphasised the importance of this initiative in addressing Zimbabwe’s energy challenges and promoting sustainable development. “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 Old Mutual Renewable Energy Fund is designed to provide both financial returns and social impact. It targets a total of $100 million, with $20 million already committed to specific projects. The fund’s focus on renewable energy aligns with the government’s National Renewable Energy Policy, which aims to increase the country’s renewable energy contribution to 26.5% by 2030.
Permanent Secretary for Energy and Power Development, Dr. Gloria Magombo, expressed her support for the initiative, stating that it is a crucial step in achieving Zimbabwe’s renewable energy targets. “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 provides a unique opportunity for local and international investors to contribute to Zimbabwe’s long-term growth. Individuals and organisations can invest in this fund to promote renewable energy projects and contribute to the country’s prosperity and environmental sustainability.
