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Zimbabwe took a historic step toward reshaping its energy landscape. With support from the UN Joint SDG Fund and in partnership with Old Mutual, UNESCO, UNCDF, UNDP, UN Women, and the Government, the country introduced its first Renewable Energy Fund. It is a new model for financing, one designed to light up communities long overlooked by traditional investment.
This transformation is part of Zimbabwe’s first Renewable Energy Fund, launched in late 2024. The Fund seeks to mobilize local financial markets to support renewable energy projects that deliver both financial returns and social impact, accelerating progress on the SDGs in Zimbabwe. Its innovative, gender-responsive design promotes inclusive project selection, skills development, and capacity building, empowering women and youth across the renewable energy value chain.
The Fund brings together public and private capital in a daring blend: $8 million from the UN Joint SDG Fund, matched by $8 million from Old Mutual. That $16 million is only the start. For every dollar invested, the Fund expects to attract more than three dollars in follow-on capital. By the end of 2025, it is projected to grow to $30 million, and by 2026, to $50 million.
Concessional funds take on the risk of early-stage projects and prove that they can work. Once these ventures succeed, commercial investors are more likely to come on board. In practice, it means that hospitals, schools, farms, and even whole communities are gaining reliable energy for the first time, and energy from renewable sources.
At Dairiboard Zimbabwe in Chipinge, the difference is measured in milk. With a $1 million solar investment, the country’s largest dairy producer can now keep milk cold from farm to factory without relying on costly diesel. That stability supports 480 small-scale farmers, 40 percent of them women, whose livelihoods depend on selling their milk. Two schools in Chipinge also benefit from the project, where solar-powered wells provide clean water and lighting for students.
In Guruve District, the story is about ownership as much as electricity. A $6 million investment is financing a ten-megawatt solar plant that will cut $2 million a year in electricity imports and slash carbon emissions. But it is also designed so that the community itself holds a share. Through a local trust, villagers will see dividends reinvested in projects they choose — from irrigation systems that secure harvests to renewable power for clinics and schools, or small enterprises that create jobs.
A nurse in Bulawayo can deliver a baby safely because the lights will not turn off. A farmer outside Harare can send milk to market knowing it would not spoil. A student in Chipinge can study after sunset under the glow of a solar lamp.
To turn ambition into action, the Renewable Energy Fund has built a powerful impact framework that measures real progress on the ground. Aligned with SDGs: Gender Equality, Affordable and Clean Energy, Decent Work and Economic Growth, Industry, Innovation and Infrastructure, Partnerships for the Goals, and Climate Action, this framework ensures that every project goes beyond powering homes, it empowers women, expands energy access, creates jobs, sparks innovation, and cuts emissions. By weaving these Global Goals into its DNA, the Fund is not just financing renewable energy solutions, but it is fueling inclusive growth and sustainable transformation across Zimbabwe’s communities.
The Renewable Energy Fund is already proving that every dollar invested can unlock three times more in capital. Zimbabwe is creating a virtuous cycle where clean energy fuels opportunity, and opportunity fuels growth.
For a country where only 62 percent of people are connected to the grid, and just 52 percent in rural areas, this is more than development policy. It is about rewriting the future. A future where energy is not a privilege but a foundation: for health, for learning, for farming, for dignity. And in Zimbabwe, that brighter, fairer future is starting to take shape, powered by the sun.
Note:
All joint programmes of the Joint SDG Fund are led by UN Resident Coordinators and implemented by the agencies, funds and programmes of the United Nations development system. With sincere appreciation for the contributions from the European Union and Governments of Belgium, Denmark, Germany, Ireland, Italy, Luxembourg, Monaco, The Netherlands, Norway, Poland, Portugal, Republic of Korea, Saudi Arabia, Spain, Sweden, Switzerland for a transformative movement towards achieving the SDGs by 2030.