EIMS Africa completes acquisition of Reesco
EIMS Africa's 50 MW De Wildt solar project in the North West province
EIMS Africa CEO Ryan Hammond
Renewable energy company EIMS Africa has successfully acquired Renewable Energy Empowerment Management Services (Reesco) – a key step in the company’s expansion plans as it anticipates increasing its generation capacity to about 1 500 MW by late 2022.
EIMS Africa’s current renewable energy portfolio comprises 13 utility-scale projects with a combined generation capacity of over 850 MW, including the 50 MW De Wildt solar farm in the North West province.
The acquisition of Reesco will enable EIMS to bolster its capacity and capabilities, with EIMS Africa CEO Ryan Hammond saying EIMS Africa is in a phase of significant growth, having started three projects in 2018 and having grown the business to 13 projects to date.
“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,” he adds.
“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,” says Hammond.
Reesco’s team adds its experience as an expert management services company that specialises in technical, administrative and compliance competencies related specifically to South Africa’s Renewable Energy Independent Power Producer Procurement Programme’s regulatory environment.
Reesco founder and CEO Dr Tamuka Kaseke says the acquisition is a “win-win” transaction for both parties, as EIMS Africa gets to take on a solid and seasoned team with over eight years’ experience, while Reesco staff get an opportunity to diversify their knowledge and experience base in terms of renewable energy asset management.
EIMS Africa is majority owned by the Old Mutual IDEAS Fund, managed by African Infrastructure Investment Managers (AIIM).
“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,” comments AIIM Southern Africa Development Community CIO and IDEAS Fund co-portfolio manager Sean Friend.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation