In a landmark transaction for Namibia’s renewable energy sector, select unlisted infrastructure investment funds managed by Old Mutual Investment Group Namibia (OMIGNAM), Namibia's largest asset manager, and Sturdee Energy Namibia, a leading African Independent Power Producer, have jointly acquired a 51% shareholding in Alten Solar Power (Hardap) (Pty) Ltd, representing the country's largest grid-tied solar photovoltaic (PV) power plant. The shareholding was acquired from Alten RE Developments Africa B.V. (Alten Africa), marking a significant milestone in expanding Namibia's secondary market for renewable energy projects.
The transaction demonstrates OMIGNAM’s ability to source, structure and execute landmark investments for funds under its management, and offers leading Namibian institutional investors invested in OMIGNAM-managed funds the opportunity to benefit from owning a stake in critical Namibian infrastructure assets. The transaction leverages off OMIGNAM's proven track record in Alternative Investments, enhances local participation in and active ownership of infrastructure assets, delivers a positive environmental impact, and long-term value for Namibian institutional investors and their beneficiaries.
The deal represents a pivotal development for Namibia's renewable energy sector by enabling first-mover developers, such as Alten Africa, to unlock capital for redeployment into new projects. This capital recycling mechanism supports Namibia's broader energy and climate change objectives while fostering growth and innovation in the renewable energy industry.
The acquisition is a showcase for Sturdee's renewable energy expertise, and enables Sturdee to establish a renewable energy platform to scale its operations both within Namibia and across the Southern African region. With this foundation, Sturdee can expand its renewable energy portfolio and offer more competitive energy solutions to public and private sector clients, addressing growing energy demands with sustainable alternatives.
The transaction was jointly arranged, structured, and implemented by IJG, one of Namibia's leading financial services providers and OMIGNAM. ENS | Namibia served as legal advisor to the purchaser group. Engling, Stritter & Partner served as legal counsel to Alten Africa, and Standard Bank acted as financial adviser.
By aligning institutional capital with Namibia's renewable energy goals, this acquisition sets a precedent for future infrastructure investments. It not only solidifies investor confidence but also reinforces Namibia’s position as a leader in sustainable energy infrastructure development in the region. Moreover, the transaction ensures that investment returns remain within the local economy, creating a multiplier effect that supports further economic development, job creation, and skills development.