Windhoek, Namibia – In a landmark transaction for Namibia’s renewable energy sector, Old Mutual Investment Group Namibia (OMIGNAM), Namibia’s largest asset manager, in partnership with Sturdee Energy Namibia and IJG, has acquired a 51% shareholding in Alten Solar Power (Hardap) (Pty) Ltd, the country’s largest grid-tied solar photovoltaic (PV) power plant. The shareholding was acquired from Alten RE Developments Africa B.V. (Alten Africa), marking a significant milestone in expanding Namibia’s secondary market for renewable energy projects.

Through the involvement of institutional investors in Old Mutual and IJG co-managed funds, including the NIEIFT Fund with the GIPF as a main investor, the transaction leverages OMIGNAM’s proven track record in Alternative Investments to significantly enhance local participation and active ownership in critical infrastructure assets, delivering positive environmental impact and long-term value for Namibian institutional investors.

The deal represents 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 moreover 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.

Finally, the transaction deepens the existing partnership between Sturdee and Old Mutual, combining OMIGNAM’s extensive infrastructure investing experience with Sturdee’s renewable energy expertise while simultaneously strengthening relationships with Namibian financial institutions. This collaboration ensures that investment returns remain 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, one of Namibia’s leading financial services providers and OMIGNAM, with ENS | Namibia serving as legal advisor 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.