Thursday , May 23 2024

Old Mutual acquires stake in Rosh Pinah

Old Mutual Investment Group Namibia has acquired a majority stake in a 5MW solar PV (photovoltaic) plant at Rosh Pinah in the !Karas Region of Namibia.

The shares were previously owned by AEE Power Ventures SL, a Spanish energy company, which developed and constructed the plant. AEE Power has disposed of its full shareholding in the plant to the Old Mutual-managed fund and Sturdee Energy Namibia.

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

The investment fund has acquired a majority of the shares in Aloe Investments Number Twenty-Seven, the project company that owns and operates the Rosh Pinah 5MW solar plant, while Sturdee Energy has acquired a minority in the stake of the plant.

Sturdee Energy is an African Independent Power Producer with a track record of developing, owning, and operating 587MW of renewable energy projects.

“Sturdee is excited to contribute our renewable energy project expertise to the Rosh Pinah project – this adds important operational capacity to our growing portfolio in Namibia” stated Andrew Johnson and James White, the Executive directors at Sturdee Energy.

The Rosh Pinah 5MW 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) program.

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

“Old Mutual will continue to make sustainable investments that will make Namibians the owners of critical infrastructure assets,” said Christoff Bauernschmitt, Head of Alternative Investments at Old Mutual Investment.


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