By: Engineering news

As a starting point, the institutions will invest $44-million of direct equity to support Sturdee Energy’s growth, which is focused on clean energy solutions in South Africa.

The partnership seeks to bridge power supply and access gaps in the region, especially since Southern African countries often have limited access to capital for renewable-energy investments.

Sturdee is a leading independent power producer in Southern Africa, currently managing 31 MW of solar capacity in Namibia and Botswana. It is also building an additional 20 MW of capacity in South Africa.

Sturdee aims to deliver more than 600 GWh of renewable energy every year and reduce carbon emissions by 500 000 t/y. The company has more than 200 MW of projects nearing financial close across four countries.

IFU and SwedFund say the investment into Sturdee is a good strategic fit for the companies as it contributes to climate change mitigation by replacing coal power with renewable energy such as solar and wind.

Additionally, both institutions want to support the green transition and improve living conditions in developing countries, especially in Africa.