Old Mutual Invests US$21.5M in Centragrid Solar Expansion in Zimbabwe
Old Mutual Investment Group Zimbabwe is investing US$21.5 million in Centragrid Private Limited to expand solar power generation from 2.5 MW to 25 MW. This project addresses Zimbabwe's significant power deficit and aligns with renewable energy targets.
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Old Mutual Investment Group Zimbabwe is set to invest US$21.5 million in Centragrid Private Limited to enhance a solar power plant's capacity from 2.5 MW to 25 MW. The project, located along the Harare-Chirundu Highway, aims to supply over 3,700 MWh of electricity annually, benefiting more than 4,000 households.
This investment supports Zimbabwe's renewable energy goals and is part of Old Mutual's commitment to reducing its carbon footprint. With a projected lifespan of 25 years, the project comes with financial incentives, including tax exemptions and prescribed asset status, which are attractive for institutional investors. The initiative also responds to a national power deficit of 600-700 MW exacerbated by aging infrastructure and adverse weather conditions.
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