While Anthem’s long-term pipeline targets up to 11 GW of new renewable assets, its nearer-term goal is to scale to 6 GW by 2030.

The platform will pursue solar, wind and potentially battery storage solutions to support grid balancing and further its role as an independent power producer (IPP).

Of the total NOK 850 million, Norfund’s Climate Investment Fund will inject NOK 685 million (≈ USD 69.2 million) directly into Anthem.

The remainder, NOK 170 million (≈ USD 17.2 million), will be contributed via KLP Norfund Invest (KNI) — a joint vehicle co-owned by Norfund (51 %) and KLP (49 %).

KLP has emphasized that the move aligns with its mandate as a long-term, responsible investor:

“We firmly believe the Anthem investment can deliver attractive returns to KLP’s owners while boosting renewable energy capacity in South Africa,” said Eric Nasby, investment analyst at KLP.

From Norfund’s perspective, Anthem is a flagship investment.

“Anthem will be a key investment in the Climate Investment Fund’s efforts to support the transition to renewable energy in South Africa, making a significant contribution in terms of avoided emissions, while also ensuring the country has reliable access to the energy needed for growth out of poverty,” said Bjørnar Baugerud, head of the Climate Investment Fund at Norfund.

South Africa’s heavy dependence on coal — with over 80 % of power generation currently derived from coal-fired plants — gives the transaction strong climate rationale.

But financing renewable projects in developing markets often comes with added risk and cost, which is why high-quality capital on favorable terms is essential, the investors say.

Earlier this month, the Climate Investment Fund sold out of one of its first South African investments in Scatec’s Kenhardt solar + battery project, freeing up approximately NOK 440 million in capital to redeploy.

Anthem’s leadership has underscored the need for competitive financing to realize its aspirations.

“Access to capital on competitive terms is crucial for us to realise our ambitious plans for renewable energy development in South Africa, and we are therefore very pleased to have Norfund and The Climate Investment Fund on board,” said James Cumming, CEO of Anthem.

The formation of Anthem creates one of South Africa’s most significant new green energy platforms, with the potential to capture from 12 % to 15 % of the country’s independent power producer (IPP) market, according to industry analysts.

Its pipeline — combining existing assets and proposed projects — could reshape the renewable energy landscape in the region over the coming decade.

Still, the transition will demand continued capital inflows, strong regulatory support, and alignment with grid expansion. As Anthem seeks to scale its capacity, it may also explore further broadening its investor base or even a future public listing.