Old Mutual Commissions US$2. 5 million Solar Plant at its Mutual Gardens Head Office

Leading integrated financial services concern, Old Mutual Zimbabwe has commissioned a US$2.5m solar plant at its head office in Mount Pleasant, Harare.

Old Mutual is a certain friend in uncertain times and believes that enabling positive futures within the local communities is their fundamental role. Old Mutual has initiated solar energy projects around Zimbabwe that will generate a combined 25MW upon completion and also contribute to feeding electricity into the national grid.

The solar energy projects undertaken include the Hwange-Solgas, Harava Solar Park and the just commissioned Mutual Gardens Solar Plant are amongst the investment activities that are aimed at providing renewable energy, creating a positive and sustainable future for the Zimbabwe community.

The recently commissioned Mutual Garden solar plant generates 0.65MW of solar power for Mutual Gardens Office Complex, which is home to Old Mutual Headquarters, KPMG, EFT Corporation, and the Innovate Gym. The amount of power to be generated from the solar plant is adequate to cover the electricity needs of the entire office complex and excess will be fed into the national grid.

The event was officiated by the Ministry of Energy and Power Development, Cde Soda Zhemu. The Minister appreciated the role played by Old Mutual in investing in the national energy infrastructure. He also reiterated the need for financial services players to play a crucial role in mobilizing financial resources towards renewable energy infrastructure.

The event was also attended by officials from Zimbabwe Energy Regulatory Authority and Zimbabwe Electricity Transmission Distribution Company. In his remarks, the Group Chief Executive Officer of Old Mutual Zimbabwe, Mr. Sam Matsekete appreciated the enabling role being played by the regulator, the Zimbabwe Energy Regulatory Authority (ZERA) in creating an enabling environment for Independent Power Producers. “Through such policy frameworks and support, we were able to play our role through the delivery of the Mutual Gardens Solar Project today”

Mr. Matsekete further alluded that “Old Mutual Zimbabwe is cognizant of the catalytic role played by energy in stirring industrial productivity for the betterment of the economy. Thus, an unabated energy gap is detrimental to the aspirations of Vision 2030 which is premised on increased industrial and economic productivity. We therefore call upon fellow players in the financial services industry to prioritize funding energy infrastructure projects because of their national significance.”