Chivayo urges global investors to harness Zim's re...

Chivayo urges global investors to harness Zim's renewable energy

Nyashadzashe Ndoro

Chief Reporter

Zimbabwean businessman and renewable energy proponent Wicknell Chivayo has issued a clarion call to multilateral development agencies, lending institutions, and global investors to invest in Zimbabwe's renewable energy sector.

Chivayo's call comes after his recent attendance at the International Renewable Energy Conference (IRENA) and the World Future Energy Summit in Abu Dhabi where he joined several world leaders including Kenyan President William Ruto whom he had a chance to share ideas with.

Chivayo emphasised the urgency to act, citing Zimbabwe's unique position to lead in renewable energy development due to its abundant solar radiation and vast tracts of land. He highlighted the country's potential to unlock immense value in renewable energy, particularly in solar, wind, and hydro power.

"My biggest takeaway from both the Summit and luncheon with President Ruto is the urgency to act. Zimbabwe is uniquely positioned to lead in renewable energy development, given its abundant solar radiation and vast tracts of land, which offer great potential for renewable energy projects.

"As a proponent of sustainable energy development, I make this clarion call on Multilateral Development Agencies, lending institutions and global investors to recognise this opportunity and partner with Zimbabwe to unlock the immense value of renewable energy.

Africa in general and Zimbabwe in particular are poised to shape the global energy transition, given the abundance of lithium resources which can be benefitted to produce batteries for energy storage and vast renewable energy sources that can be leveraged to achieve sustainable energy security.

"Zimbabwe is open for business, and there is no better time to invest in renewable energy than now," Chivayo posted on his Facebook page last week.

Zimbabwe's National Renewable Energy Policy (NREP) aims to increase the contribution of renewables to the country's energy mix, with incentives such as tax holidays, 100% repatriation of profits, and duty-free importation of selected RE technologies.

Chivayo's call is echoed by the United Nations, which has urged the private sector to invest in Zimbabwe's renewable energy sector.

According to the Zimbabwe Investment and Development Agency, the Government of Zimbabwe adopted a plan for renewable energy in 2019, which sets clear targets for renewable energy generation.

The government is seeking at least 2,100 MW of renewable energy capacity.