Private Sector Key to Unlocking Renewable Energy...

Private Sector Key to Unlocking Renewable Energy Potential – Old Mutual CEO

Oscar J Jeke- Zim Now Reporter

Old Mutual Zimbabwe CEO Sam Matsekete has emphasised the pivotal role of the private sector in accelerating renewable energy development in Zimbabwe, pointing to corporate investment and innovation as key drivers for scaling clean energy solutions.

In an opinion piece published recently, Matsekete detailed how Old Mutual is aligning its operations and investments with the country’s green energy agenda.

The company has delivered up to 43 megawatts of power to the national grid and into microgrids through its solar and hydro power projects across Hwange, Manicaland, Masvingo, and Matabeleland South.

“We are counting now up to 43MW over the recent past that we have delivered onto the grid or into microgrids,” said Matsekete.

Within its own operations, Old Mutual has made sustainability a priority, installing solar systems that generate up to 1.4MW to power office buildings and shared facilities with tenants.

A central piece of the company’s strategy is its Renewable Energy Fund—a US$100 million blended finance facility launched in 2024. Backed by contributions from the government, UN agencies, and private investors, the fund has already secured US$21 million in commitments, with US$10 million deployed to renewable projects.

Describing the fund as a “top-priority” initiative, Matsekete said it is designed to catalyze capital flows into the green energy sector while ensuring both financial returns and social impact. “Our private sector players are seeking economic returns, while also being conscious about the sustainability impact offered by this fund,” he noted.

Old Mutual is also fostering innovation through its Eight2Five Innovation Hub, which supports local startups in developing renewable energy solutions and provides them with financial and technical assistance.