Renewable energy company, EIMS Africa, has announced the acquisition of REESCO, a company that provides technical, administrative, and compliance services to renewable energy developers, lenders, and investors in South Africa.
The acquisition is part of EIMS Africa’s growth strategy, which anticipates a generation capacity of circa 1 500MW, exceeding 20 renewable energy Independent Power Producers by late-2022.
Already one of South Africa’s largest renewable energy platforms, comprising a portfolio of 13 utility-scale renewable energy projects with a combined generation capacity of over 850MW, the company’s bullish plans are in line with the country’s accelerated move to renewable energy.
With the acquisition of Renewable Energy Empowerment Management Services (Pty) Ltd, known as REESCO in the local renewable energy market, will see its team joining EIMS Africa to bolster capacity and capabilities.
“We are in a significant growth phase, having started with just three projects back in 2018 and having grown the platform to 13 projects to-date,” explains Ryan Hammond, EIMS Africa CEO.
“We have several other secured projects at various stages of the financial close process and by the end of this year, we expect that number to almost double, along with our platform’s generation capacity. This growth is not possible without a dedicated team of experienced individuals who know what it takes to deliver and operate these projects. The REESCO acquisition is a key step in facilitating our growth as it augments the depth and experience of our team,” concludes Hammond.
Dr Tamuka Kaseke, Founder and CEO of REESCO, added, “We believe this is a win-win transaction for both parties. EIMS Africa gets to take on a solid and seasoned team with over eight years’ experience, whilst the REESCO staff get an opportunity to diversify their knowledge and experience base in terms of renewable energy asset management. We wish them well in their new growth path.”
EIMS Africa is majority owned by the Old Mutual IDEAS Fund, managed by African Infrastructure Investment Managers (AIIM).
In closing, Sean Friend, the AIIM CIO for SADC investments and Co-Portfolio Manager of the IDEAS Fund, concluded, “’We are committed to continuing to play a leading role as one of the largest South African-owned investors in the local renewable energy industry. EIMS Africa is the primary vehicle for this investment and this acquisition further signals our ongoing commitment to growing the EIMS Africa renewable platform.”