News / National
5MW plant commissioned at Mutirikwi Dam
21 Nov 2024 at 06:30hrs | Views
A major step forward in Zimbabwe's energy sector was made on Saturday with the commissioning of a five-megawatt hydropower project at Mutirikwi Dam. The plant, a collaboration between local and foreign investors, is expected to significantly boost the country's power generation capacity and offer a solution to the ongoing energy challenges.
The project, which was financed through a combination of local pension funds and foreign capital, marks a pivotal moment in Zimbabwe's efforts to address its electricity shortages. Public and private sector officials hailed the development, emphasizing the crucial role of Public-Private Partnerships (PPPs) in tackling the nation's energy deficit.
Old Mutual Zimbabwe's Chief Executive Officer, Samuel Matsekete, highlighted the importance of collaboration between public and private entities in a sector that requires substantial investment. "The completion of the Great Zimbabwe Hydro Power Plant demonstrates the power of collaboration in driving economic development," he said.
Old Mutual invested in the project through its life assurance arm and has recently launched a US$100 million private equity fund dedicated to renewable energy projects, a testament to the growing interest in sustainable energy solutions. Other key investors in the project include the Public Service Pension Fund, ZB Financial Holdings, Frontier Energy, MOL Power, and the Danish Investment Fund.
In addition to the financial backing, local contractors such as JR Goddard and Masimba Holdings played crucial roles during the construction phase of the plant, further reinforcing the importance of local expertise and participation in large-scale infrastructure projects.
Memory Mashingaidze, co-founder and executive director of Great Zimbabwe Hydro Power and MOL Power, expressed optimism about the project's future. "We are optimistic as we transition from construction to operation," she said, adding that the Great Zimbabwe Hydro Power Plant has the potential to inspire similar initiatives across the country.
Frontier Energy's founding partner, Kim Gredsted, shared her excitement about the project's impact, saying: "We are thrilled to contribute to Zimbabwe's power generation capacity. This is just the beginning of our journey to creating more renewable energy projects in this beautiful country."
The hydropower plant, which utilizes two 2.7MW Francs turbines, has a total output of 5.4MW, enough to supply power to thousands of households and businesses in the region. The project comes at a time when Zimbabwe has been grappling with chronic power shortages, exacerbated by an El Niño-induced drought and years of underinvestment in new energy generation capacity.
Officials believe that this project is a crucial step in addressing the country's energy needs, with many looking forward to more investments in renewable energy. The commissioning of the plant at Mutirikwi Dam is seen as a beacon of hope for a country in desperate need of sustainable and reliable power sources.
The project, which was financed through a combination of local pension funds and foreign capital, marks a pivotal moment in Zimbabwe's efforts to address its electricity shortages. Public and private sector officials hailed the development, emphasizing the crucial role of Public-Private Partnerships (PPPs) in tackling the nation's energy deficit.
Old Mutual Zimbabwe's Chief Executive Officer, Samuel Matsekete, highlighted the importance of collaboration between public and private entities in a sector that requires substantial investment. "The completion of the Great Zimbabwe Hydro Power Plant demonstrates the power of collaboration in driving economic development," he said.
Old Mutual invested in the project through its life assurance arm and has recently launched a US$100 million private equity fund dedicated to renewable energy projects, a testament to the growing interest in sustainable energy solutions. Other key investors in the project include the Public Service Pension Fund, ZB Financial Holdings, Frontier Energy, MOL Power, and the Danish Investment Fund.
Memory Mashingaidze, co-founder and executive director of Great Zimbabwe Hydro Power and MOL Power, expressed optimism about the project's future. "We are optimistic as we transition from construction to operation," she said, adding that the Great Zimbabwe Hydro Power Plant has the potential to inspire similar initiatives across the country.
Frontier Energy's founding partner, Kim Gredsted, shared her excitement about the project's impact, saying: "We are thrilled to contribute to Zimbabwe's power generation capacity. This is just the beginning of our journey to creating more renewable energy projects in this beautiful country."
The hydropower plant, which utilizes two 2.7MW Francs turbines, has a total output of 5.4MW, enough to supply power to thousands of households and businesses in the region. The project comes at a time when Zimbabwe has been grappling with chronic power shortages, exacerbated by an El Niño-induced drought and years of underinvestment in new energy generation capacity.
Officials believe that this project is a crucial step in addressing the country's energy needs, with many looking forward to more investments in renewable energy. The commissioning of the plant at Mutirikwi Dam is seen as a beacon of hope for a country in desperate need of sustainable and reliable power sources.
Source - newsday
