Financial services group, Old Mutual Zimbabwe, in partnership with Easy Power Limited, will install a ground mounted solar system with a capacity of 650kW at its Mutual Gardens property by August this year, to meet electricity requirements of the entire office complex.
The investment comes as Government is moving fast to incorporate solar into its energy mix to help ease the country’s power-shortage and complement long-serving fossil fuels and hydro capacity.
In his 2020 National Budget Statement Finance and Economic Development Minister, Professor Mthuli Ncube said Government would be offering incentives to those who invested in solar as a means to promote renewable energy use.
Speaking at the ground-breaking ceremony of the Mutual Gardens solar project, the general manager of the OMLAC, Rutendo Magorimbo, said the investment in solar energy will not only help in the fight against climate change, but will reduce the cost of doing business in the long run.
This will also provide tenants with reliable source of energy and an inflation hedging asset for the pension funds invested in the company.
OMLAC said it will roll out similar projects on the firms’ other buildings in due course.
Old Mutual Group chief executive officer, Samuel Matsekete, commented “As Old Mutual, we have challenged ourselves to find alternative ways of delivering value to our stakeholders, through innovation as required in our current environment.
“The Mutual Gardens solar project comes at the most appropriate and opportune time to shed off huge costs associated with diesel-powered generators and also push the green economy agenda which should be a stepping stone to sustaining future generations.”
