Old Mutual Zimbabwe chief executive Samuel Matsekete says the diversified financial services group is targeting to invest in more green energy initiatives in the second half of the year.
This comes as the group recently commissioned a 0.64MW Solar plant for its Business Park in Harare Mutual Gardens solar park in Harare. The facility produces more electricity than Old Mutual requires and the excess will be shifted to the national grid through ZESA’s Net Metering program.
Speaking at a Zimbabwe’s Top Companies Survey event in Harare on Thursday, Matsekete said renewable energy was one key area the group has turned focus to.
“From last year to the first half of the year, we have had Investments in special interest sectors like green energy. These include Solgas plan (Hwange), Mutual Gardens solar plants were commissioned recently, whilst Nyabira Solar farm is under expansion. In addition, we have more solar and hydro energy projects that are work in progress,” he said.
The 5,4-megawatt SolGas solar farm at Cross Mabale in Dete, Matabeleland North, 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.
SolGas has since connected a 28-kilometre livewire linking the solar farm to the national grid via the Gwayi sub-station. The project started in late 2019.
“At Old Mutual, it remains our promise and commitment to continue making a positive difference in society as we also continue to adapt forward. We continue to be guided by our quest to create positive futures for the customers and communities we serve.
“As we adapt the business, we continue to adhere to a responsible business framework. In addition to continuing to evolve our customer value proposition we remain conscious of the wider community whose development we are committed to support,” Matsekete further said.
Zimbabwe is currently facing an acute power shortage, which is blamed on inadequate generation capacity and ageing infrastructure, threatening the Southern African country’s economic recovery and rising industrial capacity utilisation.
At peak, Zimbabwe needs between 1 350MW and 1 800MW to meet its daily electricity demand, against a current production capacity of around 1 000 megawatts.
Over the past few years, the government has been trying to ramp up power production in the country.
As such, the Zimbabwe Energy Regulatory Authority has licensed more than 50 independent power producers (IPPs) — including Duru Mini Hydro (2,2MW), Green Fuel (18,3MW), Nyamingura Mini Hydro (1,1MW), Hippo Valley Estates (33MW), Triangle Estates (45MW) and Pungwe Power Station (19MW), in a bid to boost power generation.
