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Old Mutual acquires major stake in Rosh Pinah 5-Megawatt Solar Photovoltaic Plant

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Old Mutual Investment Group Namibia has acquired a major stake in the Rosh Pinah 5-Megawatt Solar Photovoltaic Plant.Christoff Bauernschmitt, Head of Alternative Investments at Old Mutual Investment Group in a media release described the acquisition as…

Old Mutual Investment Group Namibia has acquired a major stake in the Rosh Pinah 5-Megawatt Solar Photovoltaic Plant.

Christoff Bauernschmitt, Head of Alternative Investments at Old Mutual Investment Group in a media release described the acquisition as a significant contributor towards energy supply security in Namibia.

“We are pleased to be part of a project that creates sustainable impact in the country with surety, Old Mutual will continue to make sustainable investments that will make Namibians the owners of critical infrastructure assets,” he said.

As part of the plan set out for the plant, shares will be majority-owned by Namibians, with 30 per cent owned by a group of previously disadvantaged Namibians. The 5MW plant commenced commercial operations in 2017 and supplies power to NamPower under a long-term power purchase agreement as part of the Renewable Energy Feed-In Tariff (REFIT) programme.

The fund acquired a majority of the shares in Aloe Investments Number Twenty-Seven Ltd, the project company that owns and operates the Rosh Pinah 5MW solar plant. The acquisition forms part of a joint transaction with Sturdee Energy Namibia Ltd, which has acquired a minority stake in the plant.

Representing the consortium of previously disadvantaged Namibian shareholders in Aloe Investments, Panduleni Shaetonhodi welcomed the new shareholders to the project.

“We look forward to the benefit that the backing of an established institution such as Old Mutual, combined with the technical expertise of Sturdee Energy Namibia, will bring to realize the full potential of the project,” Shaetonhodi said.

Source: Namibia Press Agency