Image source: ESI Africa

Old Mutual raises its stake in Namibia’s renewable energy market

Namibia, Rosh Pinah: An infrastructure investment fund managed by Old Mutual Investment Group has acquired a majority stake in a 5 MW solar PV plant.

The plant is located at Rosh Pinah in the !Karas Region of Namibia.

The fund has acquired a majority of the shares in Aloe Investments Number Twenty-Seven, the company that owns and operates the Rosh Pinah 5 MW solar plant project. The acquisition forms part of a joint transaction with Sturdee Energy Namibia, which has acquired a minority stake in the plant. Sturdee Energy is an African independent power producer with a track record of developing, owning and operating 587 MW of renewable energy projects.

Miguel Zaldivar, the General Manager for AEE Power Ventures, was pleased with the business transaction that leaves a majority share in the hands of Namibians, stating that “this will aid in transitioning Namibia’s energy supplies towards a greater share of supply from renewable sources”.

As part of the plan set out for the plant, shares will be majority-owned by Namibians, with 30 % owned by a group of previously disadvantaged Namibians.

The 5 MW plant commenced commercial operations in 2017 and supplies power to NamPower under a long-term power purchase agreement as part of the Renewable Energy Feed-In Tariff (REFIT) programme.

“We are pleased to be part of a project that creates sustainable impact in the country,” said Christoff Bauernschmitt, the head of alternative investments at Old Mutual Investment Group.

Representing the consortium of previously disadvantaged Namibian shareholders in Aloe Investments, Panduleni Shaetonhodi welcomed the new shareholders to the project and commented: “We look forward to the benefit that the backing of an established institution such as Old Mutual, combined with the technical expertise of Sturdee Energy Namibia, will bring to realise the full potential of the project”.

 

Source: ESI Africa