Africa
SDG Finance - Catalytic Investment
Catalysing Investment into Renewable Energy for the Acceleration of the Attainment of the Sustainable Development Goals in Zimbabwe
Brief Description
The Renewable Energy Fund will provide financing and technical assistance to renewable energy businesses in Zimbabwe.
Results
The joint programme is expected to start in April 2022, after the completion of the design and pre-feasibility phase in 2021.
Why
In 2020, only an estimated 44% of Zimbabwe's population had access to electricity. Lack of electrification, especially in rural areas, has caused losses in production across key economic sectors, including agriculture and tourism. While renewable energy has the potential to improve Zimbabwe's low electrification rates, inflation and currency risk have deterred the long term, low interest financing that renewable energy businesses need to grow.
What
The Renewable Energy Fund will combine technical assistance with investment to leverage US$ 31 million toward renewable energy businesses. The Fund seeks to create at least 750 jobs in the renewable energy sector, and create 180 GWhr renewable energy capacity.
How
The Renewable Energy Fund aims to reduce barriers to investment in renewable energy businesses by catalysing investments from both international and domestic investors. To ensure that projects are investable and successful, the Fund will also utilize technical assistance to support the projects it funds.
Quick facts
Allocated by Joint SDG Fund:
Co-funding:
Total Funding:
Financial Leverage:
UN Agencies:
National Partners:
10,000,000 USD
Co-funding:
3,712,000 USD
Total Funding:
13,712,000 USD
Financial Leverage:
31,600,000 USD
UN Agencies:
UNESCO, UNDP, UN Women
National Partners:
Infrastructure Development Bank of Zimbabwe, Distributed Power Africa, ARCH Africa Renewable Power Fund LP, Oxygen Africa, Soventix, AEC South Africa, Mobility for Africa, Zimnat Asset Management, Centennial Power International Corp, Solarise – Centennial Confirmation of Funds, Financial Securities Exchange (Private) Limited (FINSEC), AKRIBOS Wealth Managers Pvt LtD, Old Mutual, CABS, New Sahara Ventures and ANF Capital, Soventix, MoneyMart Finance, Release By Scatec, AEC,
