Old Mutual Zimbabwe has significantly increased its investment in renewable energy projects, with a total allocation of US$15.08 million for the fiscal year ending December 31, 2023. This substantial investment, representing 58% of the company’s US$26 million investment portfolio, marks a strategic move towards fostering sustainable development and combating climate change in Zimbabwe.
During the review period, Old Mutual Zimbabwe prioritized renewable energy initiatives, directing the majority of its investment towards solar and hydro energy projects across the country. CEO Samuel Matsekete highlighted the company’s commitment to alternative investments, emphasizing support for projects in sectors such as agriculture, tourism, and renewable energy.
Several notable projects are underway, including the Great Zimbabwe Hydropower Plant, Kupinga Renewable Energy, Solgas, Richaw, and Centragrid. In collaboration with partner SolGas, Old Mutual commissioned the SolGas Energy 5 MW solar plant in Cross Mabale, Hwange District, representing a significant milestone in the company’s renewable energy endeavors.
With Zimbabwe facing power disruptions and an increased focus on cleaner energy solutions, Old Mutual’s investment in renewable energy sources aligns with national objectives to reduce reliance on fossil fuels and curb greenhouse gas emissions. Additionally, initiatives such as the installation of solar plants at office park developments, as seen with First Mutual Properties’ Arundel Office Park, demonstrate a broader industry trend towards sustainability and carbon footprint reduction.
As sustainability becomes a key consideration for investors, companies listed on the Zimbabwe Stock Exchange are increasingly required to disclose environmental, social, and governance (ESG) factors in their financial statements. This shift underscores the growing importance of sustainable practices in corporate operations and investment strategies.
Moving forward, Old Mutual remains committed to conducting operations in a sustainable manner, prioritizing “green” initiatives such as solar power for new developments and upgrades. Through its continued investment in renewable energy, Old Mutual aims to play a pivotal role in advancing Zimbabwe’s transition towards a more sustainable and environmentally conscious future.
