By Staff Writer
Windhoek, Jan 7 — Old Mutual Investment Group Namibia (OMIGNAM), the country’s largest asset manager, has partnered with renewable energy company Sturdee Energy Namibia and financial services firm IJG to acquire a 51% stake in Alten Solar Power (Hardap), Namibia’s largest grid-tied solar photovoltaic (PV) power plant.
The acquisition, finalized with Alten RE Developments Africa, marks a significant milestone in advancing Namibia’s renewable energy sector and expanding the secondary market for renewable energy projects.
In a joint statement, Sturdee and Old Mutual emphasized the alignment of this transaction with Namibia’s renewable energy and climate change objectives. Institutional investors, including funds co-managed by Old Mutual and IJG, played a critical role in the acquisition. Among these is the Namibian Infrastructure Equity Investment Fund Trust, backed by the Government Institutions Pension Fund (GIPF) as a key investor.
The deal leverages OMIGNAM’s expertise in alternative investments to promote local ownership and participation in critical infrastructure projects, delivering both environmental benefits and long-term financial value for Namibian stakeholders.
“This acquisition enables capital recycling, allowing first-mover developers such as Alten Africa to reinvest in new projects, fostering growth and innovation within the renewable energy sector,” the companies stated.
The transaction paves the way for Sturdee Energy to expand its renewable energy operations within Namibia and the broader Southern African region. “With this foundation, Sturdee can diversify its portfolio and provide competitive, sustainable energy solutions to meet the growing energy demands of public and private sector clients,” the company noted.
The collaboration also deepens the partnership between Sturdee and Old Mutual, combining their strengths in infrastructure investing and renewable energy expertise. It further strengthens ties with Namibian financial institutions, ensuring that investment returns remain within the local economy, creating a multiplier effect that drives economic growth, job creation, and skills development.
The transaction was arranged, structured, and implemented by IJG and OMIGNAM, with ENS Namibia serving as legal adviser to the purchaser group. Alten Africa was advised by Engling, Stritter & Partner, while Standard Bank acted as a financial adviser.
The companies highlighted that the acquisition serves as a benchmark for future infrastructure investments in Namibia, bolstering investor confidence and reinforcing Namibia’s leadership in sustainable energy development.
“By aligning institutional capital with Namibia’s renewable energy ambitions, this transaction supports the nation’s broader energy transition while creating long-term value for the economy,” they concluded.
