Metier leads the sale of its investment in AE AMD (including two operational photovoltaic power plants totalling 30MW in the Northern Cape of South Africa) from its clean energy and resource efficiency fund, Lereko Metier Sustainable Capital (LMSC).
Metier and Spanish project developer AMDA Energia sold their interests in AE AMD to Old Mutual’s African Infrastructure Investment Managers (AIIM), through its IDEAS fund, and Katiso Renewable Energy. The new owners increase the South African and BEE ownership of the two round one Renewable Energy Independent Power Producer Programme (REIPPP) projects that began generation onto the grid in 2014. The transaction closed in November 2017 and is the first realisation of the eight LMSC renewable energy investments. LMSC has delivered on its targeted IRR and has proven its business case of realising projects at a premium once construction and early operational risk is substantiality reduced.
Marc Immerman, principal at LMSC said “This validates that our funds can deliver return outperformance from managing early stage development and construction risk effectively in clean infrastructure assets. In addition to the financial returns, the projects have implemented maths and science support programs, scholarships, teacher salary subsidies and we have driven an improvement in the ESG profile of the company during our holding period”.
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