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Nduduzo Tshuma in Sharm El Sheikh, Egypt

PRESIDENT Mnangagwa has said Zimbabwe is one of the most attractive destinations for investment as Government has created a conducive economic environment for foreign capital investment.

The President was speaking at the Zimbabwe pavilion soon after witnessing the signing of the Skypower Global Master Agreement Addendum that will see the setting up of a 500 megawatt solar station in the country, in a project set to have a US$1,7 billion impact on GDP.

After the implementation of the first phase of the project, the United Arab Emirates-based company will set up an assembly plant in the country to facilitate skills and knowledge transfer to locals.

The MoU was signed by Energy and Power Development Minister Zhemu Soda on behalf of Zimbabwe and Skypower Global president Kerry Alder.

Also in attendance were ministers: Foreign Affairs and International Trade Dr Frederick Shava, Finance and Economic Development Professor Mthuli Ncube, Environment, Tourism and Climate Nqobizitha Mangaliso Ndlovu, Women Affairs, Community, Small and Medium Enterprises Dr Sithembiso Nyoni and Higher and Tertiary Education, Science and Technology Development Professor Amon Murwira.

The deal is a culmination of President Mnangagwa’s visit to the UAE in March and is testimony to the success of Government’s engagement and re-engagement drive.

In August, Cabinet approved the framework for the energy deal while pushing for its conclusion.
President Mnangagwa expressed confidence that investment by the global company will see more investors pouring capital into the country.

“Sky Power is a global company, it doesn’t just go to any country and put their money. They do due diligence where they want to put their money,” said President Mnangagwa.

He said he was happy that after due diligence, the company found Zimbabwe to be an ideal investment destination.
“In our quest to modernise and industrialise, energy is a critical enabler and I’m happy that after my sermon to Kerry that Zimbabwe is open for business and a safe destination for investment, he accepted the gospel.

“We are benefitting in terms of technology, skills and in terms of attracting global capital into our economy,” said President Mnangagwa.

“I have no doubt that my Minister of Energy is quite happy because currently, the economy is growing faster than he can generate power and now he can get some sleep. I want my Ministers to perform ahead of the economy.”

The President added: “Zimbabwe is open for business. Zimbabwe is a friend to all and an enemy to none. Zimbabwe is the most attractive destination for investment because we have created an economic investment environment that is conducive for foreign capital investment in our country.”

Mr Kerry said he was inspired to enter into the deal after an engagement with President Mnangagwa whom he found to be a great leader who is passionate about the development of his country and people.

“A few leaders have what His Excellency does. He has a passion in his heart to make this world a better place,” said Mr Kerry.
“The President not only took the initiative to engage with Skypower but also took the initiative to show us why Zimbabwe is a good investment destination.”

He said the project will create 16 000 jobs.
He said after the first phase of the project, the company will set up an assembly plant in the country to transfer skills and knowledge to the locals.

Skypower has earned the enviable track record and global recognition as one of the largest and most successful independent power producers that develops, finances, builds, owns and operates large solar stations across the globe totalling 25 000MW.

The company has secured over 30 power purchase agreements representing billions of dollars’ worth of long-term renewable energy sales to leading utilities and governments around the world.

Minister Zhemu said the agreement will deepen already existing relations between Zimbabwe and the UAE.