Old Mutual Zimbabwe (OMZim), the subsidiary of Old Mutual Limited has announced plans to increase investments in renewable energy in Zimbabwe. The company invested around US$12.4 million (over R188 million) in a portfolio of solar energy projects currently under construction in the southern African country. The projects will have a combined capacity of 25MW upon completion.
Zimbabwe is currently not energy self-sufficient as it still relies on energy imports to supplement its energy supply gap. Despite the country’s energy generation capacity improving to 1 269 MW as of last week, Zimbabwe is importing around 300 MW of electricity capacity from Eskom South Africa, and an additional capacity from Mozambique’s Cahora Bassa.
Old Mutual Zimbabwe says it is keen to extend further loan facilities for renewable energy development in the country.
“We have invested US$12.4 million into solar projects around Zimbabwe that will generate a combined 25 MW upon completion and also contribute in feeding electricity into the national grid,” Old Mutual Zimbabwe said.
Solar projects Old Mutual Zimbabwe is invested in
The solar energy projects that Old Mutual Zimbabwe invested in include the 5.4 MW solar energy plant at Cross Mabale in Dete, Matabeleland North province. The project which was supposed to go live last month is a joint venture between Old Mutual Investment Group and Solgas Energy.
“The farm has been under construction since 2019, with Old Mutual investing US$7.3 million on the project, which is made of 16 000 solar panels,” OMZim said.
Another solar energy project that OMZim has invested in is the 20MW Harava Solar plant in Seke just outside of Harare. The plant is expected to provide power to 45 000 households, according to the developers. The project is a brainchild of the traditional Chief of the Seke District. The project will be connected to Zimbabwe’s grid in several phases, with the first phase which will see 6MW connected to the grid around November this year.
According to Old Mutual Zimbabwe CEO Samuel Matsekete, the company is also financing the installation of solar-powered irrigation equipment at 26 schools in Zimbabwe to assist with water reticulation and small-scale agriculture.
