Zimbabwe approves $45 million for renewable energy
Zimbabwe
HARARE, March 4, 2024 – The Zimbabwean government has approved a USD 45-million fund for renewables and licensed 10 independent power producers (IPPS) to generate 271 MW of renewable energy, local media reported on Sunday.
The generation projects are expected to be completed within the next two years.
The 10 IPPs include six solar installations. They will bring the total number of IPPs licensed to generate power in the country to around 40.
USD 35 million of the funds will reportedly come from the government, while the UN’s Sustainable Development Goals Fund will contribute the remaining USD 10 million.
The fund was unveiled at the International Renewable Energy Conference and Expo 2024, which was held from February 27 to March 1 in Victoria Falls.
In 2021, the government announced a targeted 40% reduction in economy-wide greenhouse gas emissions by 2030. The country’s clean energy potential spans solar, hydro, biomass, geothermal and wind.
In recent years, Zimbabwe’s hydropower capacity has been affected by low water levels, which caused a drop in generation at the 1.05-GW Kariba hydropower plant, which normally supplies around 70% of the country’s electricity.
Various sources estimate Zimbabwe now generates only one-third to two-thirds of its peak power demand.
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