VICTORIA FALLS, Apr. 9 (NewsDay Live) – Energy and Power Development minister July Moyo says Zimbabwe has ‘abundant opportunities’ for investors in the renewable sector.
Speaking at the International Renewable Energy Conference and Expo in Victoria Falls yesterday, Moyo said there was a need for stakeholders to interact more regularly on virtual communication platforms to keep regular updates on available opportunities.
“You can connect with us through the media," he said.
" But more importantly, I was just thinking, let us open up another avenue, whether we do it weekly, or we do it bi-weekly, or we do it monthly, so that we meet with all those who are interested to know about energy virtually. There are abundant opportunities that we still need to tap into.
Giving an update on some of the resolutions made during last year’s conference, the ministry’s permanent secretary, Gloria Magombo said the ministry had come up with solutions to address currency challenges.
“Aware that the issues of currency risk, currency convertibility, certainty of payments, and repatriation have persistently been raised by project developers, the Ministry of Energy and Power Development is encouraged to continue lobbying responsible authorities for solutions to address these challenges,” she said.
“The country is now offering letters of Comfort through the GPSA facility to derisk renewable energy projects. Seven Independent Power Producers (IPPs) have signed the GPISA documents to date. Several IPPs have shown interest in signing the GPISA, and 146 megawatts worth of projects have been awarded.”
She also noted that the government has been encouraging IPPs to engage with the European Union for funding opportunities.
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“Noting that the European Union has a $150 Billion Fund dedicated to financing infrastructure projects, including energy in Africa, the government calls upon Zimbabwe's private sector, including local IPPs to engage with the EU to explore funding opportunities. Engagements can be done through conferences, seminars, breakfast meetings, or opportunities favorable to both the government and the EU,” she said.
“EU has offered funding for the private sector who are investing in the renewable sector. The Swedish International Development Assistance is giving assistance to the tune of US$5 million for private investments under the EELA Projects. The GIZ has started a Zimbabwe financing programme beginning April 2025 and discussions are ongoing.”
The ministry, she added, has also been lobbying for the Finance Ministry to approve the draft E-mobility and roadmap.
“Noting that E-mobility is the preferred mode of climate-friendly transport and that upfront costs may be prohibitive, the Ministry should lobby the Ministry of Finance to approve and implement incentives contained in the draft E-mobility and roadmap. Standards for e-vehicles and charging stations should also be publicised,” she said.
