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Swedfund and IFU Invest $44 Million with Sturdee Energy to Advance Renewable Energy in Southern Africa
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Swedfund and IFU Invest $44 Million with Sturdee Energy to Advance Renewable Energy in Southern Africa
Swedfund, the Swedish development finance institution, and the Danish Investment Fund for Developing Countries (IFU) have joined forces with Sturdee Energy to drive renewable energy expansion in Southern Africa.
The partnership aims to reduce reliance on coal-fired electricity in the region.
Southern Africa faces a critical power supply deficit, compounded by limited access to risk-tolerant capital for renewable energy projects.
Southern Africa faces a critical power supply deficit, compounded by limited access to risk-tolerant capital for renewable energy projects.
In response, Swedfund and IFU are committing $44 million in direct equity investments to support Sturdee Energy’s ambitious renewable energy initiatives.
Sturdee Energy, an independent power producer (IPP), develops, owns, operates, and invests in renewable energy projects and infrastructure across the region.
Sturdee Energy, an independent power producer (IPP), develops, owns, operates, and invests in renewable energy projects and infrastructure across the region.
The company’s mission is to foster economic growth and socio-economic development through sustainable energy solutions.
Sturdee Energy currently operates 31 megawatts (MW) of solar power installations in Namibia and Botswana and is constructing an additional 20MW of solar capacity in South Africa.
Sturdee Energy currently operates 31 megawatts (MW) of solar power installations in Namibia and Botswana and is constructing an additional 20MW of solar capacity in South Africa.
The company is also advancing over 200MW of renewable energy projects across four countries toward financial close.
These new wind and solar power plants are expected to generate more than 600 gigawatt-hours (GWh) of renewable energy annually, reducing carbon emissions by nearly 500,000 tonnes each year.
To ensure sustainable development, Swedfund and IFU have introduced an Environmental and Social Action Plan (ESAP) for the partnership.
To ensure sustainable development, Swedfund and IFU have introduced an Environmental and Social Action Plan (ESAP) for the partnership.
This plan emphasizes the integration of human rights and labor standards throughout the project lifecycle.
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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
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