Sturdee Energy Boosts Renewable Push with USD 44 Million Investment
Deal News | Dec 09, 2024 | Investment Fund for Developing
Swedfund and IFU, two major development finance institutions, have jointly decided to invest USD 44 million in Sturdee Energy, a South African independent power producer, to support the expansion of renewable energy throughout Southern Africa, with a significant focus on South Africa. This region faces substantial energy deficits and relies heavily on coal-fired power, making this investment pivotal for its green transition. Sturdee Energy aims to alleviate the energy deficit in these countries by advancing over 200 MW of renewable projects to financial close and completing solar and wind power plants that are projected to add 600 GWh of renewable energy annually. Both Swedfund and IFU cite climate mitigation and improving living conditions in developing countries as key motivators for their investment, highlighting Sturdee Energy's role in fostering sustainable economic growth.
Sectors
- Renewable Energy
- Development Finance
Geography
- Southern Africa – The main focus of the investment is on Southern Africa, where there is a substantial power supply deficit and a reliance on coal-fired power.
- South Africa – Main geographic focus for Sturdee Energy's renewable energy projects aimed at addressing energy and environmental challenges.
Industry
- Renewable Energy – The article focuses on investments in renewable energy projects, particularly solar and wind power, in Southern Africa.
- Development Finance – Swedfund and IFU are development finance institutions investing in sustainable projects to improve living conditions and promote the green transition.
Financials
- USD 44 million – Total investment provided by Swedfund and IFU in Sturdee Energy for renewable energy projects.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Swedfund | Investor | Company | Sweden's development finance institution focused on reducing poverty through sustainable investments. |
| IFU (Investment Fund for Developing Countries) | Investor | Company | Danish investment fund investing in sustainable projects in developing countries. |
| Sturdee Energy | Target Company | Company | South African Independent Power Producer focusing on developing and operating renewable energy projects across Southern Africa. |
| Jonas Kolijn | Senior Investment Manager | Person | Senior Investment Manager at Swedfund, commenting on the strategic fit of the investment. |
| Thomas Hougaard | Senior Vice President | Person | Senior Vice President at IFU, discussing the alignment of the investment with their strategic goals. |
| Andrew Johnson | Executive Director | Person | Executive Director at Sturdee Energy. |
| James White | Executive Director | Person | Executive Director at Sturdee Energy. |