OMIG, Sturdee Energy jointly invest in 5MW solar PV plant in Namibia

The acquisition will accelerate the transition of Namibia’s energy supplies towards renewable energy

South Africa’s investment management firm, Old Mutual Investment Group (Namibia) has acquired a majority share in a 5MW solar PV plant located in the Karas Region of Namibia. Through its infrastructure investment fund, the company has successfully taken over a sizable stake in the plant owned and operated by Aloe Investments Number Twenty-Seven.

Reportedly, the acquisition included participation of Sturdee Energy Namibia, an African IPP (Independent Power Producer) that owns a track record of developing, operating and owning 587MW of renewable energy projects.

Historically, shares in the 5MW PV plant were owned by Spanish energy company, AEE Power Ventures SL that had developed and constructed the project.

Commenting on the acquisition, AEE Power Ventures’ GM, Miguel Zaldivar, said that their firm is elated with this recent business transaction that endows a majority share of the plant to Namibians. Mr. Zaldivar added that this acquisition will accelerate the transition of Namibia’s energy supplies towards renewable sources.

While, Christoff Bauernschmitt, Head of Alternative Investments, Old Mutual Investment Group, said the project creates a sustainable impact in the country and their company will continue to make such investments that make Namibians the owners of critical infrastructure assets.

Reports indicate that as part of the agreement proposed for this acquisition, majority of the shares in the PV plant will be owned by Namibians, while around 30% will be held by a group of previously disadvantaged Namibians.

Commencing operations in the year 2017, the 5MW plant has since then supplied power to Nampower under a long-term PPA (power purchase agreement) as part of the REFIT (Renewable Energy Feed-In Tariff) programme.

Source Credit: https://www.africaglobalfunds.com/news/private-equity/deals/omig-and-sturdee-energy-co-invest-in-solar-pv-plant-in-namibia/