By Wallace Mawire
Old Mutual Zimbabwe has commissioned a $5 million hydro power station plant at Kupinga in Chipinge on 24 August, 2017 to provide much needed power to the rural community in Zimbabwe’s Manicaland Province.
According to Mr. Jonas Mushosho, Old Mutual Group CEO, the 1,6 MW project was initiated by the organisation in 2015 as part of its ambition of identifying opportunities for growth.
Mushosho said the Private Public Partnership (PPP) initiative with Kupinga Renewable Energy which seeks to provide clean energy to Chipinge’s rural community, is now on the national grid and operational.
According to Marjorie Mayida, Old Mutual Investment Group Managing Director, the project is expected to have a 17% return on investment. Mayida said a 20-year Power Purchase Agreement (PPA), has been finalised with the Zimbabwe Electricity and Transmission Distribution Company.
Some of the expected benefits from the project include uplifting the Chipinge district and the country at large through supply of clean energy. Local communities are also expected to engage in income generating projects which will create jobs.
The horticulture and dairy sectors which are some of the district’s viable sectors are also expected to revived.