Sweden’s development finance institution Swedfund and the Danish Investment Fund for Developing Countries (IFU) are each investing $22m (€20.8m) in equity to support southern Africa renewable energy developer and operator Sturdee Energy.
Independent power producer Sturdee Energy currently operates 31MW of solar power in Namibia and Botswana and is constructing 20MW of solar power in South Africa.
The company’s core operations include developing, owning, operating, and investing in renewable-energy projects and related infrastructure.
Jonas Kolijn, senior investment manager at Swedfund, said the equity investment is a good strategic fit for Swedfund as it contributes to climate mitigation through replacing coal power with renewable power such as solar and wind.
Thomas Hougaard, SVP at IFU, said: “IFU’s investment in Sturdee Energy is a perfect match with our ambition to support the green transition and improve living conditions in developing countries, especially in Africa.
“We believe that Sturdee Energy is a solid company with a professional management playing an important role in increasing renewable-energy supply, which is a driver for sustainable economic growth.”
In a joint statement, Andrew Johnson and James White, executive directors of Sturdee Energy, said: “At Sturdee Energy we believe alignment starts with a common view of the future, but goes beyond this to the agreement of each step in the path to realise this future.
“With IFU and Swedfund’s investment in our company, we welcome two investors who are willing to walk this path with us. We look forward to what we can achieve together and extend our thanks to everyone who made this transaction possible.”
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