Renewable energy independent power producer Sturdee Energy has acquired a minority stake in an operating 5MW solar PV (photovoltaic) plant at Rosh Pinah in Namibia. The company took over Spanish energy company, AEE Power Ventures S.L.’s shares in the project. The acquisition was a joint transaction with Old Mutual Investment Group (Namibia) (Pty) Ltd acquiring the majority stake on the project.
Sturdee is excited to contribute our renewable energy project expertise to the Rosh Pinah projectSturdee Energy’s Executive Directors, Andrew Johnson and James White
With this transaction, Sturdee Energy’s active project portfolio in Namibia increases, building on projects in South Africa and Botswana.
The 5MW Rosh Pinah solar plant is selling energy to Nampower under the Namibian REFIT Programme on a long term basis.
James White and Andrew Johnson lauded the deal as “a great acquisition for Sturdee.” “It really demonstrates the determination and agility of the team to deliver through numerous challenges including COVID”.
Through a statement released this week, the renewable energy company says it looks forward to this being the first of a number of transactions with the team at Old Mutual Investment Group in Namibia.
Sturdee Energy says the Namibian renewable energy market is of strategic focus of the company and they are pursuing other opportunities for development, acquisition and asset management in the country.
Namibia currently imports 60% of its power capacity from South Africa despite having enormous renewable energy potential. The country enjoys substantial solar irradiation, 300 days of sunshine and plenty of land. Investors are looking at the market as a potential hotspot for new developments.
Sturdee Energy’s Executive Director James White further commented saying the Namibian project fits perfectly into Sturdee’s strategy of investing in African projects at any stage from development, construction or operations.