Old Mutual Investment Group Namibia (OMIGNAM), Namibia's largest asset manager, has partnered with renewable energy company Sturdee Energy Namibia and Namibian financial services company IJG to acquire a 51% stake in Alten Solar Power (Hardap), the biggest grid-tied solar PV power plant in Namibia.

The shareholding, acquired from Alten RE Developments Africa, represents a milestone in expanding Namibia's secondary market for renewable energy projects.

In a joint statement on December 20, Sturdee and Old Mutual emphasised that the transaction aligned institutional investors, including funds co-managed by Old Mutual and IJG, with Namibia’s renewable energy and climate change goals. Among these funds is the Namibian Infrastructure Equity Investment Fund Trust, with the Government Institutions Pension Fund as a main investor.

The transaction leverages OMIGNAM's expertise in alternative investments to enhance local participation and active ownership in critical infrastructure assets, delivering positive environmental impact and long-term value for Namibian institutional investors.

The companies highlighted that the deal represented a pivotal development for Namibia's renewable energy sector by enabling first-mover developers, such as Alten Africa, to unlock capital for redeployment into new projects.

“This capital recycling mechanism supports Namibia's broader energy and climate change objectives while fostering growth and innovation in the renewable energy industry.”

The acquisition also enables Sturdee to establish a platform to scale its operations both within Namibia and across the Southern African region.

“With this foundation, Sturdee can expand its renewable energy portfolio and offer more competitive energy solutions to public and private sector clients, addressing growing energy demands with sustainable alternatives.”

Further, the companies noted that the transaction deepened the existing partnership between Sturdee and Old Mutual, combining OMIGNAM's infrastructure investing experience with Sturdee's renewable energy expertise while simultaneously strengthening relationships with Namibian financial institutions.

The companies said that the collaboration ensured that investment returns remained within the local economy, creating a multiplier effect that supports further economic development, 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. Engling, Stritter & Partner served as legal counsel to Alten Africa, and Standard Bank acted as financial adviser.

“By aligning institutional capital with Namibia's renewable energy goals, this acquisition sets a precedent for future infrastructure investments. It not only solidifies investor confidence but also reinforces Namibia’s position as a leader in sustainable energy infrastructure development in the region,” the companies noted.