Old Mutual commissions $5,7 mln power plant

Old Mutual commissions $5,7 mln power plant

CHIPINGE, August 24 (The Source) – Financial services group, Old Mutual Zimbabwe on Thursday commissioned a $5,7 million mini hydro power plant in Chipinge district, southeast of Zimbabwe.

The 1,6MW plant has capacity to meet a third of Chipinge’s 5MW power demand.

Commissioning the plant on Thursday group chief executive Jonas Mushosho said the project reflected Old Mutual’s interest to invest in the country’s infrastructure.

Construction of the plant commenced in November 2014.

Finance Minister Patrick Chinamasa who was also present at the commissioning said government was willing to offer tax incentives to private players who would invest in energy and infrastructure development.

“We will continue to enhance our incentives in order to make Zimbabwe an attractive investment destination,” he said.

“There are various investments incentives that can be given to investors in strategic sectors such as energy. These include tax holidays, national project status, exemption from payment of withholding tax and cost effective tariffs”.