Namibia: Old Mutual Acquires Stake in Solar Plant

23 February 2021

OLD MUTUAL Investment Group, through its infrastructure investment fund, has acquired a majority stake in a 5MW solar PV (photovoltaic) plant at Rosh Pinah in the //Kharas region.

The acquisition of the stake gives Namibians the majority shares, from the Spanish energy company (AEE Power Ventures SL) which constructed and owned the plant Aloe Investments Number Twenty-Seven (Pty) Ltd.

This was revealed in a statement by Old Mutual communication manager, Mauriza Fredericks last week.

The acquisition is part of a joint transaction with Sturdee Energy Namibia (Pty) Ltd, which has acquired a minority stake in the plant.

Fredricks said the acquisition is part of a plan for the plant to be majority owned by Namibians, with 30% owned by a group of previously disadvantaged Namibians.

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

Christoff Bauernschmitt, head of alternative investments at Old Mutual Investment Group said the acquisition was a significant contributor towards the energy supply security in Namibia.

"We are pleased to be part of a project that creates sustainable impact in the country, and we will continue to make sustainable investments that will make Namibians the owners of critical infrastructure assets," he added.

Representing the consortium of previously disadvantaged Namibian shareholders in Aloe Investments, Panduleni Shaetonhodi welcomed the new shareholders to the project.

Shaetonodi said they are looking forward to benefit from the backing of Old Mutual, combined with the technical expertise that Sturdee Energy Namibia, will bring to the project.

Sturdee Energy's executive director, Andrew Johnson, said they will contribute renewable energy expertise to the Rosh Pinah project - adding important operational capacity to their Namibian portfolio.

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

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