By Musa Makina
Old Mutual Zimbabwe has officially launched the Old Mutual Renewable Energy Fund, a private equity initiative aimed at advancing renewable energy investments within the country.
Registered with the Securities and Exchange Commission, the fund has garnered support from key stakeholders, including Old Mutual, the Government of Zimbabwe, and various UN agencies.
The primary objective of the Old Mutual Renewable Energy Fund is to finance and develop local renewable energy projects and technologies, aligning with Zimbabwe’s commitment to achieving its Sustainable Development Goals (SDGs).
The Fund specifically targets:
SDG 7: Affordable and Clean Energy
SDG 9: Industry, Innovation, and Infrastructure
SDG 11: Sustainable Cities and Communities
This initiative seeks to stimulate sustainable economic growth while aiding the nation’s efforts to reduce carbon emissions.
At the launch event, Mr. Samuel Matsekete, CEO of Old Mutual Group, emphasized the company’s dedication to renewable energy, stating, “Our strategic focus on solar and hydro energy projects reflects our commitment to sustainable development. By leveraging the sun’s energy and our water resources, we are paving the way for a cleaner, more resilient energy future.”
Matsekete highlighted the collaborative nature of the Fund, which includes partnerships with the Government of Zimbabwe, UN agencies, and private sector investors. “Our target is $100 million, with $20 million already committed to specific projects. This Fund aims to deliver both financial returns and social impact, benefiting all stakeholders involved in renewable energy.”
The initiative has received strong support from the Government of Zimbabwe. Dr. Gloria Magombo, Secretary for Energy and Power Development, remarked, “The National Renewable Energy Policy aims to add 2,100 MW of renewable energy by 2030, with a clear mandate for establishing a Green Fund to support these efforts. This Fund is a significant step towards achieving our renewable energy targets.”
Marjorie Mayida, Managing Director of Old Mutual Investment Group, reiterated the company’s commitment to fostering economic growth through sustainable energy. “The Old Mutual Renewable Energy Fund presents a unique financial opportunity to contribute to a sustainable and prosperous Zimbabwe. By investing in this Fund, you align yourself with a vision that prioritizes responsible growth and community well-being.”
Dr. Edward Kallon, UN Resident Coordinator, described the event as a convergence of ideas and partnerships to tackle climate change. “The Renewable Energy Fund is designed to provide essential financial backing for renewable energy projects across Zimbabwe. Its innovative blended finance model will ensure that investments are both bankable and socially impactful, addressing key SDG targets such as energy access, climate action, and gender equality.”
Dr. Magombo added that investments in renewable energy are crucial for achieving an Upper Middle-Income Economy. “Reducing reliance on imported power will lower costs and alleviate economic pressures on ordinary citizens.”
The Fund seeks to attract local and international investors passionate about sustainability and the potential of renewable energy in Zimbabwe. By facilitating innovation and infrastructure development, it aligns with the country’s long-term economic and environmental goals.
The Old Mutual Renewable Energy Fund offers a transformative opportunity for stakeholders and investors to contribute to Zimbabwe’s sustainable future, supporting renewable energy projects while embodying a vision of responsible growth and community prosperity.
