NAMIBIA – Old Mutual Investment Group Namibia, has acquired a majority stake in Aloe Investments Number Twenty-Seven, the project company that owns and operates the 5MWp Rosh Pinah solar power plant in Namibia.
These shares were previously held by the Spanish company AEE Power Ventures.
The value of shares bought by Old Mutual was not disclosed.
The plant, which has a capacity of 5 MWp, went into commercial operation in 2017 and the 13.5 GWh produced annually by the solar farm are sold to the state-owned company NamPower under a 25-year power purchase agreement (PPA).
The Rosh Pinah solar project was developed as part of the Refit programme (renewable energy feed-in tariff), launched by the Namibian government with the aim of injecting 70 MW of electricity into the NamPower grid.
“The power producer has a portfolio of 587 MW of renewable energy projects mainly in South Africa, Botswana, and Cameroon”
Old Mutual Investment Group Namibia will share the shareholding of Aloe Investments Number Twenty-Seven with Namibian companies that own 30% of the solar plant since its commissioning in 2017.
The project company retains a technical partner as Old Mutual’s investment is part of a joint transaction with the Namibian subsidiary of Sturdee Energy which has acquired a minority stake in the plant.
The Johannesburg-based independent power producer has a portfolio of 587 MW of renewable energy projects mainly in South Africa, Botswana, and Cameroon.
Aloe Investments Number Twenty-Seven is now majority owned by Old Mutual Investment Group Namibia; a financial company owned by the London-based insurance company Old Mutual in the UK.
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