Old Mutual Zimbabwe Launches New US$100 Million Renewable Energy Fund
Old Mutual Zimbabwe has launched a US$100 million private equity fund focused on renewable energy investments.
CEO Sam Matsekete announced that the Old Mutual Renewable Energy Fund, supported by UN agencies and the government, aims to address the growing demand for sustainable energy solutions. Said Matsekete (via newZWire):
Our commitment to investing in renewable energy is evident in our strategic focus on solar and hydro-energy projects.
These ventures align with our mission to promote sustainable development and provide tangible solutions to Zimbabwe’s energy challenges.
By harnessing the sun’s power and our abundant water resources, we are paving the way for a cleaner, more resilient energy future. The Old Mutual Renewable Energy Fund is a testament to this commitment.
The fund brings together partners such as Old Mutual, the Government of Zimbabwe, UN agencies, and private-sector investors.
This fund aims to provide financial returns and social impact, benefiting investors and those involved in renewable energy projects along the value chain.
Our target is $100 million, with $20 million already committed to specific projects.
In 2023, Old Mutual invested US$26 million in alternative investments, including several solar projects.
These investments include Solgas Energy, which constructed a 5MW solar farm in Dete, the 25MW Centragrid plant in Nyabira, Richaw Solar in Gwanda, Kupinga Hydro in Chipinge, and the 5MW Great Zimbabwe hydro plant.
Old Mutual aims to attract both local and international investors to the fund, which has been officially registered with the Securities and Exchange Commission. Marjorie Mayida, MD of Old Mutual Investment Group, said:
The Old Mutual Renewable Energy Fund is not only a solid financial opportunity but also a chance to contribute to a sustainable and prosperous Zimbabwe.
By investing in this fund, you align your resources with a vision that prioritises responsible growth and the well-being of our community.
Zimbabwe’s National Renewable Energy Policy aims to add 2,100MW of renewable energy by 2030, as stated by Energy Permanent Secretary Gloria Magombo.
Despite this ambitious target, the drive for green energy faces challenges due to investor concerns over currency instability and energy tariffs.
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