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Old Mutual Zimbabwe steps up renewable energy investment under NDS2
3 hrs ago |
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Old Mutual Zimbabwe has committed nearly US$79 million towards renewable energy projects, marking a significant boost to the country's energy transition efforts under the National Development Strategy 2 (NDS2).
The investment underscores the growing role of institutional capital in addressing Zimbabwe's persistent power shortages while advancing climate and sustainability goals. An additional US$11 million has been earmarked to complete ongoing energy projects, a move expected to unlock immediate capacity for the national grid.
Energy experts say the timely completion of these projects could play a critical role in stabilising electricity supply, particularly as Zimbabwe continues to face reduced generation at Kariba Dam due to fluctuating water levels.
The shift towards renewable energy is also seen as essential for supporting industrial growth. Reliable power supply remains a major constraint for sectors such as mining and manufacturing, which are central to Zimbabwe's economic recovery and expansion agenda.
Beyond economic considerations, the investment aligns with global sustainability benchmarks, including the United Nations Sustainable Development Goals, as well as national policy frameworks guiding infrastructure development and climate resilience.
Analysts note that solar photovoltaic (PV) projects are likely to dominate the investment portfolio due to Zimbabwe's high solar potential and relatively lower deployment costs. However, there is growing interest in diversifying the energy mix, with potential expansion into wind and small‑scale hydro projects.
The development comes as Zimbabwe intensifies efforts to close its energy gap, reduce dependence on climate‑sensitive hydroelectric power and build a more resilient and sustainable electricity system.
As implementation progresses, attention will turn to how quickly these investments translate into megawatts on the grid — and whether they can catalyse broader private‑sector participation in the renewable energy space.
The investment underscores the growing role of institutional capital in addressing Zimbabwe's persistent power shortages while advancing climate and sustainability goals. An additional US$11 million has been earmarked to complete ongoing energy projects, a move expected to unlock immediate capacity for the national grid.
Energy experts say the timely completion of these projects could play a critical role in stabilising electricity supply, particularly as Zimbabwe continues to face reduced generation at Kariba Dam due to fluctuating water levels.
The shift towards renewable energy is also seen as essential for supporting industrial growth. Reliable power supply remains a major constraint for sectors such as mining and manufacturing, which are central to Zimbabwe's economic recovery and expansion agenda.
Analysts note that solar photovoltaic (PV) projects are likely to dominate the investment portfolio due to Zimbabwe's high solar potential and relatively lower deployment costs. However, there is growing interest in diversifying the energy mix, with potential expansion into wind and small‑scale hydro projects.
The development comes as Zimbabwe intensifies efforts to close its energy gap, reduce dependence on climate‑sensitive hydroelectric power and build a more resilient and sustainable electricity system.
As implementation progresses, attention will turn to how quickly these investments translate into megawatts on the grid — and whether they can catalyse broader private‑sector participation in the renewable energy space.
Source - Byo24News
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