Page 10 - AfrElec Week 48 2022

AfrElec RENEWABLES AfrElec

AIIM invests $90mn in

integrated green energy

platform NOA

AFRICA AIIM, an Africa infrastructure-focused private portfolio in excess of 1GW of renewable energy
equity fund, has agreed to provide an initial assets over time. Initial funding will be utilised
$90mn in equity funding to support the estab- to conclude the construction of existing projects
lishment of a new renewable energy platform to and achieve financial close on projects amount-
deliver net zero energy solutions for South Africa ing to almost 100MW.
and the continent. The transaction comes as South Africa liber-
The deal between AIIM (African Infrastruc- alises its energy markets by, among other steps,
ture Investment Managers) and the NOA Group enhancing renewables’ contribution to energy
will be financed through a mix of equity pro- supply and boosting overall capacity that has
vided by AIIM’s South African IDEAS Fund and fallen 20,000MW short of demand in recent
the latest iteration of its US dollar-denominated months.
pan-African investment fund, AIIF4. AIIM investment director Ed Stumpf com-
NOA is an energy platform that provides mented: ‘’South Africa is at a pivotal point in the
net zero-oriented renewable energy solutions evolution of its energy landscape with the immi-
to customers in the commercial and industrial nent retirement of ageing coal power stations, a
sectors of South Africa. It has developed a com- significant energy sector infrastructure deficit
prehensive and innovative range of solutions for and increasing liberalization of the market pav-
customers through the provision of large-scale ing the way for an acceleration of investment in
wheeled energy generation utilising wind, solar net-zero oriented businesses such as NOA.’’
and storage technologies. NOA chief executive, Karel Cornelissen said:
AIIM said the investment strengthens its ‘’We are excited to conclude this transaction and
position as one of the leading investors in South create a long-lasting partnership with AIIM.
Africa’s renewable energy landscape with pro- The acquisition allows NOA to rapidly scale up
jects representing over 1.9GW of solar and wind on our ambitions to partner with our clients on
generation capacity. It also supports the impera- their journey to net zero, while at the same time
tive to deliver new renewable energy capacity to making a contribution to South Africa’s current
address energy sector deficits and accelerate the energy crisis.’’™
energy transition.
NOA aims to develop, finance and operate a

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