Old Mutual Fuels Namibia’s Solar Vision

January 06, 2025 • Estimated Reading Time: 2 minutes

Key Figures & Findings:
Old Mutual Investment Group Namibia (OMIGNAM), Namibia's largest asset manager, has partnered with Sturdee Energy Namibia and IJG to acquire a 51% stake in Alten Solar Power (Hardap), Namibia’s largest grid-tied solar PV plant. This pivotal deal, sourced from Alten RE Developments Africa, marks a significant milestone in expanding the country's renewable energy secondary market. OMIGNAM’s expertise in alternative investments, coupled with institutional support from the Namibian Infrastructure Equity Investment Fund Trust, aligns this venture with Namibia’s renewable energy and climate change objectives.

Insights:
The Alten Solar Power plant, Namibia's largest grid-tied PV facility, will benefit from enhanced local participation, with funds recycled into new renewable energy projects. The partnership between Old Mutual and Sturdee Energy ensures investment returns remain within Namibia, bolstering job creation and economic growth.

Future Implications:
This transaction sets a precedent for sustainable infrastructure investments in Namibia and Southern Africa. It positions Sturdee Energy to expand its renewable portfolio across the region while ensuring Namibia continues to lead in sustainable energy development and climate resilience