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December 11, 2018

STURDEE ENERGY MBO AND COMPANY CAPITALIZATION

PRESS RELEASE

STURDEE ENERGY CONCLUDES THE TRANSACTION FOR THE MANAGEMENT BUY-OUT OF SUNEDISON ENERGY SOUTHERN AFRICA AND ITS SOUTH AFRICAN PIPELINE

[Johannesburg, 01 November 2018] – Sturdee Energy, previously SunEdison Energy Southern Africa (Pty) Ltd, announces the conclusion of its management buy-out and subsequent capitalization. This follows the successful financial close of 400MW under Round 4 of the REIPPPP on the 31st July 2018 where Sturdee Energy acted as the lead developer.

The transaction secures a highly experienced IPP team with over 3,200 MW of cumulative experience and the remaining fully developed pipeline of 523MW in South Africa.

As a result, Sturdee Energy is well positioned to grow its development, investment and acquisition of renewable energy assets in Sub-Saharan Africa as a capitalized platform with the support of an institutional investor in Old Mutual.

Sean Friend, Investment Director at African Infrastructure Investment Managers (AIIM), a member of Old Mutual Alternative Investments, said: “We are pleased to see the finalization of this broader transaction where a strong team is paired with the necessary capital to continue to deliver solid results for renewable energy investments in Africa. AIIM looks forward to pursuing new opportunities with Sturdee Energy.”

About Sturdee Energy

Sturdee Energy is an independent power producer focused on renewable energy power projects in Sub-Saharan Africa. We take an active role in the projects that we develop, acquire and own. The company’s vision is to deliver economic growth and socio-economic development to Africa through the production of reliable renewable energy.

About AIIM – 

AIIM, a member of Old Mutual Alternative Investments, has been investing in the African infrastructure sector since 2000 with a track record extending across seven African infrastructure funds. AIIM currently manages USD2.1 billion in assets across the power, telecommunications and transport sectors with operations in 15 countries across East, West and Southern Africa. AIIM’s power portfolio extends across renewable energy and thermal power assets with a combined generation capacity of over 3,300MW.

As a leading infrastructure manager across Africa, central to AIIM’s investment objectives and processes is its commitment to responsible investment. AIIM is committed to fulfilling fiduciary duties as the custodian of shareholders’ and beneficiaries’ long-term interests. In this regard, the environmental, social and governance (ESG) factors are fully integrated within AIIM’s investment process to support the pursuit of creation of positive futures and obtaining sustainable, superior risk-adjusted returns for its clients.