African Infrastructure Investment Managers (AIIM) has sold its Africa infrastructure fund’s interests in South African renewable energy projects.
AIIM said the African Infrastructure Investment Fund 2 (AIIF2) fund has sold its 14% stake in the 139MW Cookhouse wind farm, and its 34% stake in the 75MW REISA solar facility to co-shareholder IDEAS Managed Fund, a South Africa focused fund managed by AIIM.
Paul Frankish, investment director at AIIM, said: “The exits mark a long involvement in these projects for AIIM, starting at the inception of the renewables market in South Africa.
”Through its holding period, the AIIM team led the project through a challenging construction period, oversaw the renegotiation of operation and maintenance agreements and established community trust and operations structures which have been used as a blueprint for the industry and resulted in long term investment in the projects’ host communities.”
Vuyo Ntoi, investment director and IDEAS portfolio manager, said: “This deal aligns well with our strategy of investing in infrastructure projects that are vital for economic growth, produce tangible social and environmental benefits, and are capable of delivering strong long-term returns to investors.
“We’re very much looking forward to continuing the great work of our AIIM colleagues in supporting Cookhouse and REISA in providing the country with clean, renewable energy.
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