The 5MW Great Zimbabwe Hydropower Project, a significant milestone in Zimbabwe’s renewable energy journey, officially commenced operations in the third week of November 2024.
This project, a collaborative effort between Frontier Energy, Old Mutual Zimbabwe, and British International Investments, marks a substantial step towards energy independence for the nation.
The project, situated at the Mutirikwi dam wall, has been successfully realized through a strategic blend of local pension fund investments and foreign capital. Notably, Old Mutual Zimbabwe, a key player in the project, recently launched a US$100 million private equity fund specifically dedicated to renewable energy investments.
This fund, along with contributions from the Public Service Pension Fund, ZB Financial Holdings, Frontier Energy, MOL Power, and the Danish Investment Fund, has provided the necessary financial backing for the project.
The successful commissioning of the Great Zimbabwe Hydropower Project is particularly encouraging for local Independent Power Producers (IPPs), who have historically faced challenges in securing funding for their projects. This mini-hydro project serves as a testament to the potential of local IPPs and their ability to contribute to the nation’s energy landscape.
The project’s implementation has also generated significant opportunities for local businesses. Renowned local contractors JR Goddard and Masimba Holdings played crucial roles in the construction phase, underscoring the project’s positive impact on the local economy.
The successful operation of the 5MW Great Zimbabwe Hydropower Project amplifies the growing momentum of renewable energy initiatives in Zimbabwe. It also signifies a promising future for the country’s energy sector, with a focus on sustainable and clean energy sources.