- African Infrastructure Investment Managers (AIIM) a subsidiary of Old Mutual Alternative Investments, through its IDEAS Fund, has successfully exited stakes in three prominent renewable energy assets, in a transaction valued at over R750 million.
- The assets include two solar photovoltaic (PV) projects and one wind project, all developed under South Africa’s Renewable Energy Independent Power Producers Procurement Programme (REIPPPP).
The transaction involves the sale of AIIM’s 21% stake in the Jeffreys Bay Wind Farm, a 138 MW facility located in the Eastern Cape, to existing shareholders in the project Enzani and Usizo. Additionally, AIIM has exited its 10% holdings in both the Kalkbult (73 MW) and Linde (38 MW) Solar PV projects in the Northern Cape, with Gaia Renewables 1, listed on the Cape Town Stock Exchange (CTSE), acquiring these stakes.
The assets involved were initially constructed to provide reliable and sustainable energy, under 20-year power purchase agreements with Eskom, thereby supporting the country’s transition to cleaner energy. This exit highlights both the IDEAS Fund’s capability to realise substantial returns for investors and the strong appetite within South Africa’s secondary market for renewable energy infrastructure.
Additionally, the assets have had a tangible social impact in the local communities through cumulative social spend in excess of R100 million since commercial operations, which involved either charitable support for community projects or facilitating small business creation.
Author: Bryan Groenendaal
