Zimbabwe has plenty of opportunities in renewable energy

Energy and Power Development Minister, July Moyo, has emphasized that Zimbabwe offers "abundant opportunities" for investors in the renewable energy sector. Speaking at the International Renewable Energy Conference and Expo in Victoria Falls yesterday, Moyo highlighted the country's potential for growth in the energy sector and called for enhanced interaction between stakeholders to ensure regular updates on emerging opportunities.

In his remarks, Moyo urged more frequent engagement between investors and relevant authorities, proposing the establishment of a virtual communication platform where stakeholders could connect with the government and keep up-to-date on available opportunities. He suggested that these interactions could be scheduled weekly, bi-weekly, or monthly to facilitate regular updates. "You can connect with us through the media, but more importantly, let us open up another avenue," he said. "There are abundant opportunities that we still need to tap into."

The Minister's comments came as part of a broader push to enhance collaboration in the renewable energy sector, which is seen as key to Zimbabwe's energy future.

During the conference, the Ministry's Permanent Secretary, Dr. Gloria Magombo, provided an update on resolutions made during last year's conference. She highlighted some of the steps being taken to address the currency-related challenges that project developers have raised. "Aware that issues like currency risk, currency convertibility, certainty of payments, and repatriation have persistently been raised by project developers, the Ministry of Energy and Power Development is encouraged to continue lobbying responsible authorities for solutions to these challenges," she said.

Magombo also pointed to the government's ongoing efforts to derisk renewable energy projects by offering letters of comfort through the Government-to-Private Sector Agreement (GPSA) facility. She confirmed that seven Independent Power Producers (IPPs) have already signed the GPISA documents, and several others have shown interest. To date, 146 megawatts of renewable energy projects have been awarded, signaling strong momentum in the sector.

In her address, Magombo also called for greater engagement between Zimbabwe's private sector and the European Union to explore funding opportunities for renewable energy projects. She noted that the EU has allocated a $150 billion fund for infrastructure projects, including energy, in Africa. She encouraged Zimbabwe's private sector and local IPPs to leverage this funding opportunity through various platforms, such as conferences, seminars, and breakfast meetings.

The government has also been in discussions with international partners like the Swedish International Development Assistance, which is providing $5 million to support private investments under the EELA Projects. Additionally, the German organization GIZ is set to launch a financing program in Zimbabwe starting in April 2025.

Further, Magombo revealed that the Ministry of Energy has been lobbying the Ministry of Finance to approve the draft E-mobility roadmap. She emphasized the importance of e-mobility as a climate-friendly transport solution and noted that while the upfront costs of electric vehicles could be prohibitive, the government was working on incentives to make this transition more affordable. "We are lobbying the Ministry of Finance to approve and implement incentives contained in the draft E-mobility roadmap, and standards for e-vehicles and charging stations should also be publicized," she said.

The combined efforts of the government, international partners, and the private sector are expected to pave the way for a stronger, more sustainable energy future for Zimbabwe, with renewable energy playing a central role in the country's long-term development plans. The government's proactive approach to engaging stakeholders and securing funding opportunities marks a significant step forward in realizing Zimbabwe's energy potential.