Standard Bank advises Alten Africa and Inspired Evolution on the sale of their 51% stake in the 45.5MW Alten Hardap solar photovoltaic power plant

Alten RE Developments Africa (Alten Africa) specialises in the development, financing, engineering management, construction and operating of solar photovoltaic projects across sub-Saharan Africa. Alten Hardap is Namibia’s largest grid-tied solar photovoltaic power plant, and the facility generates around 121 000MWh/year of clean energy.

Standard Bank’s relationship with Alten Africa dates back to 2019, when it provided the project finance facility for the Alten Hardap plant’s construction. In this latest transaction, the bank leveraged its position as a leader in sustainable energy infrastructure transactions across sub-Saharan Africa, extensive M&A experience and deep understanding of the Namibian market and regional renewable energy landscape to identify a buyer that was aligned with Alten Africa’s goals. Old Mutual Investment Group Namibia is the country's largest asset manager, while Sturdee Energy Namibia has an established track record in power plant development, investment, construction, operation and asset management.

This landmark transaction will support the growth of Namibia’s secondary market for renewable energy projects, deliver environmental benefits and create long-term value for Namibian institutional investors.

The growth and development of Namibia’s renewable energy sector is crucial as the current domestic electricity supply does not meet the demands of the country’s population and less than 10% of rural households in Namibia have access to electricity. Investments in the development of renewable energy solutions are required to transform the lives of Nambian citizens. Standard Bank is proud to have partnered with Alten Africa and Inspired Evolution in this transaction that will promote increased local participation in Namibia’s renewable energy sector and advance the country’s renewable energy and climate change goals.