- Old Mutual Investment Group of Namibia has acquired a majority stake in Aloe Investments Number Twenty-Seven
- Spanish company AEE Power Ventures previously held the shares.
- AEE Power Ventures initially set up the company to operate the Rosh Pinah solar power plant in the province of ǁKaras.
Old Mutual Investment Group of Namibia has acquired a majority stake in Aloe Investments Number Twenty-Seven, the 5 MWp Rosh Pinah solar power plant owner. The shares were previously held by Spanish company AEE Power Ventures. Aloe Investments Number Twenty-Seven is now majority-owned by Old Mutual Investment Group Namibia subsidiary of the London-based insurance company Old Mutual.
Read also: Total, Hanwha Group Form Joint Venture to Develop 1.6 GW of Clean Energy in the U.S.
AEE Power Ventures initially set up the company to operate the Rosh Pinah solar power plant in the province of ǁKaras. The plan has a capacity of 5 MWp and was commissioned in 2017. The project was developed as part of the Refit programme (renewable energy feed-in tariff), implemented by the Namibian government to add 70 MW of renewable energy into the NamPower grid. The energy produced is sold to NamPower under a 25-year power purchase agreement (PPA).
Namibian companies own the remaining 30% of Aloe Investments Number Twenty-Seven. Old Mutual’s investment transaction is a joint one as the technical partner Sturdee Energy acquiring a minority stake in the plant. Sturdee Energy has a clean energy portfolio of 587 MW in South Africa, Botswana and Cameroon.