Sturdee and Old Mutual acquire majority stake in Namibia’s largest solar PV plant

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.