Zimbabwe's Renewable Energy Sector Booms: Minister Unveils Opportunities
VICTORIA FALLS, Apr. 9 (Live) – Minister of Energy and Power Development July Moyo states that Zimbabwe offers numerous investment opportunities within the realm of renewables.
At the International Renewable Energy Conference and Expo held in Victoria Falls yesterday, Moyo emphasized the importance of stakeholders engaging more frequently through digital communication channels to stay updated on emerging opportunities.
"You can reach out to us via the media," he stated.
But what matters most is this: I propose that we explore an additional channel for our meetings—whether they occur weekly, every two weeks, or once a month—to connect virtually with everyone eager to learn about energy. We have countless untapped possibilities ahead of us.
Providing an update on several resolutions from last year's conference, Permanent Secretary Gloria Magombo of the ministry stated that they have developed strategies to tackle issues related to currency problems.
"Acknowledging that concerns over currency risk, currency convertibility, payment security, and capital repatriation have consistently been highlighted by project developers, the Ministry of Energy and Power Development is urged to keep advocating with relevant authorities for resolutions to tackle these obstacles," she stated.
The nation is currently providing comfort letters via the GPSA mechanism to mitigate risks associated with renewable energy initiatives. So far, seven Independent Power Producers (IPPs) have endorsed the GPISA documentation. Multiple IPPs have expressed their intention to sign the GPISA, and up to 146 megawatts of projects have received approval.
She pointed out that the administration has been promoting Independent Power Producers to connect with the European Union for potential funding options.
The government highlights the existence of a €150 billion fund from the European Union aimed at supporting infrastructure initiatives, particularly those involving energy in Africa. They urge Zimbabwe’s private sector, along with domestic independent power producers, to collaborate with the EU to investigate potential funding options. Such collaborations could take place via various platforms such as symposiums, workshops, informal discussions over breakfast, or any settings conducive for dialogue between governmental bodies and representatives from the EU," she stated.
The EU has extended financial support to the private sector focusing on investment in renewables. In this vein, the Swedish International Development Cooperation Agency is providing $5 million towards private initiatives as part of the EELA projects. Additionally, the GIZ has initiated a financing program in Zimbabwe set to begin in April 2025, with negotiations still underway.
She mentioned that the ministry has also been advocating for the Finance Ministry to endorse the proposed E-mobility plan and strategy.
"She pointed out that electric mobility is considered an environmentally friendly transportation option, but the initial expenses can deter potential buyers. Therefore, the Ministry needs to advocate for the Ministry of Finance’s approval and implementation of the incentives outlined in the proposed E-Mobility plan and roadmap. Additionally, standards for electric vehicles and charging infrastructure ought to be made publicly available," she stated.