By Staff Reporter
THE UN Resident Coordinator in Zimbabwe, Edward Kallon has hailed the just unveiled Old Mutual US$100 mln Renewable Energy Fund describing the move as a welcome convergence of ideas.
The fund launched this week is registered with the Securities and Exchange Commission with Old Mutual, the government of Zimbabwe and various United Nations agencies as its key initial investors.
The Old Mutual Renewable Energy Fund is designed to finance and develop local renewable energy projects, initiatives and technologies aligning with Zimbabwe’s goals to meet its Sustainable Development Goals (SDGs).
It targets Affordable and Clean Energy, SDG 9: Industry, Innovation and Infrastructure and SDG 11: Sustainable Cities and Communities.
The top diplomat saluted the company for embracing the well -meaning partnerships
“Today’s event marks the convergence of ideas, partnerships and investments aimed at addressing one of the most pressing challenges of our time climate change and the critical role of renewable energy in achieving the Sustainable Development Goals (SDGs). The Renewable Energy Fund, managed by Old Mutual, is aimed at providing much-needed financial support for renewable energy projects across Zimbabwe.
“What sets this Fund apart is its innovative blended finance model. By leveraging both public and private capital, the Renewable Energy Fund will finance projects that are both bankable and socially impactful,” he said.
Kallon underscored that the model has been designed with “sustainability at its core ensuring that investments are viable while achieving key SDG targets, including energy access (SDG7), climate action (SDG13) and gender equality (SDG5).”
Old Mutual Zimbabwe chief executive officer, Sam Matsekete said the Fund demonstrates the group’s commitment green energy.
“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,” he said.
