Old Mutual Zimbabwe has launched a US$100 million Renewable Energy Fund, a private equity initiative aimed at fostering renewable energy investments in the country. Registered with the Securities and Exchange Commission, the fund's initial investors include Old Mutual, the government of Zimbabwe, and various United Nations agencies.
The initiative seeks to support sustainable economic development and the nation’s carbon reduction commitments. CEO Sam Matsekete emphasized the fund's focus on solar and hydro energy projects, stating, “By harnessing the sun’s power and our abundant water resources, we are paving the way for a cleaner, more resilient energy future.”
The fund has already secured US$20 million for specific projects, aiming to provide both financial returns and social impact.
Government representatives welcomed the initiative, with Gloria Magombo, permanent secretary for Energy and Power Development, highlighting its alignment with the National Renewable Energy Policy, which aims for an additional 2,100 MW of renewable energy by 2030.
Marjorie Mayida, managing director of Old Mutual Investment Group, underscored the fund’s dual role as a financial opportunity and a means to contribute to Zimbabwe’s sustainable development.
The fund aims to attract local and international investors, facilitating innovation and infrastructure development aligned with the country’s economic and environmental goals. Edward Kallon, the United Nations resident coordinator, noted that the fund's blended finance model leverages public and private capital to support bankable and socially impactful renewable energy projects, contributing to key Sustainable Development Goals (SDGs).
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