Old Mutual Zimbabwe’s completed and ongoing solar projects are expected to yield 25 megawatts (MW), thereby contributing to the country’s energy supplies.

On Wednesday, the diversified financial services provider launched its US$2,5 million solar plant at its headquarters in the capital.

The newly-commissioned Mutual Gardens Office Complex, which is home to Old Mutual headquarters, KPMG, ETF Corporation and the Innovate Gym.

According to the group, the amount of power generated from the solar plant (0.65MW) is adequate to cover the electricity needs of the entire office complex.

Old Mutual Zimbabwe CEO Sam Matsekete said negotiations are underway for a net metering plan with the country’s power company.

“We are also towards the tail end of engagements with the Zimbabwe Electricity Transmission and Distribution Company over a net metering arrangement, which will enable us to feed surplus power generated into the national grid,” he said.

Energy and Power Development Minister Soda Zhemu commended the group for its renewable energy initiatives.

“The Second Republic, ably led by His Excellency President Mnangagwa, has prioritised the participation of private institutions and players in the national infrastructure development matrix through policies and legislation.

“I take this opportunity to encourage Old Mutual to keep prioritising investing into national energy infrastructure projects,” said Minister Zhemu. 

“I am aware that Old Mutual is already a key player in the renewable energy space through investments in projects like the 5MW Solgas Energy Power Plant in Hwange and the 5MW Richaw Solar Park in Gwanda among others.”