- RMB has partnered with Sturdee Energy to help it grow its business in the southern African renewable energy sector.
- RMB’s equity funding into Sturdee is welcomed by its existing shareholder, African Infrastructure Investment Managers (AIIM), a division of Old Mutual Alternative Investments (OMAI) through its IDEAS Fund.
- This investment will give the business firepower to further build out its immediate pipeline of 175MW and position it to deliver flexible power purchase agreements to target the increasing liberalisation of the sub-Saharan Africa electricity markets.
Sturdee Energy’s core business is to operate as an independent power producer (IPP) developing, owning, operating, and investing in renewable energy projects and related infrastructure to supply government utilities, large corporates and industrial clients on the continent. Sturdee’s goal is to deliver economic growth and socio-economic development to Africa through the production of reliable renewable energy.
RMB will be working to aid in growing the company’s footprint in southern and sub-Saharan Africa, with the ultimate goal of helping Sturdee to become a prominent South African-owned IPP in the region.
Sturdee needed an Africa-focused investor to support their sub-Saharan Africa growth strategy, and RMB, as a leader in the infrastructure sector with the capability and mindset to be an effective partner on this journey, is the ideal fit. Sturdee’s vision for the business is aligned with that of RMB, and the existing funding relationship, alongside the experience of Sturdee’s founding partners in the industry, helped to conclude the arrangement.
With RMB supporting Sturdee, it now has the ability to help solve the need for renewable energy by scaling up projects quickly to relieve pressure on our existing infrastructure. Not only will this improve power exported into the grid, but it also creates jobs and will help stimulate further foreign investment into the country.
Author: Bryan Groenendaal