THE Zimbabwe Energy Council (ZEC) is pushing for the setting up of a fund to finance renewable energy projects as the country continues to grapple with power outages.
Tarisai Mandizha
ZEC executive director Panganai Sithole yesterday told delegates attending a breakfast meeting hosted by the council that ZEC is currently working with development partners to form the Green Fund.
He said the aim of the fund was to capacitate the green projects, initial startup and the already existing renewable projects in Zimbabwe.
“The Green Fund is expected to be operational at the beginning of next year and we are hoping to begin with a seed capital of $20 million,” Sithole said.
Sithole said HIVOS, a non-governmental organisation, has agreed to put in seed money for the Green Fund, following the successful establishment of Credit for Agricultural Trade and Expansion Fund.
“Funding is the major stumbling block for the successful implementation of renewable energy projects,” Sithole said.
“We also hope that this initiative will also assist the end-users with money to purchase renewable energy products.”
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He said apart from donors, ZEC was also looking forward to the participation of private investors to take part.
Zimbabwe is currently generating between 900 megawatts and 1 200 megawatts against a daily peak demand of 2 200 megawatts.
Experts attribute this to limited investment in the energy sector.
Speaking at the same event, ZEC vice-chairperson Eric Boonstoppel said bilateral and multilateral partners had done well in assisting Zimbabwe in areas such as water and sanitation, health, food security, education and even entrepreneurship, but not much has been done in the energy sector.
“There is need to incorporate energy in all programmes that we undertake. For example in water and sanitation programmes that are currently running in about 14 local authorities, l think energy should be incorporated to enable these programmes to be sustainable.”
