Corporate and investment bank RMB has formed a strategic partnership with independent power producer (IPP) Sturdee Energy, aiming to support the growth of Sturdee’s business in the Southern African renewable energy sector.
RMB’s equity investment in Sturdee will provide the necessary resources for the IPP to expand its immediate 175 MW pipeline and enable the delivery of flexible power purchase agreements in the sub-Saharan African electricity markets.
The collaboration intends to enhance Sturdee’s presence in South and sub-Saharan Africa, with the ultimate objective of establishing it as a prominent locally-owned IPP in the region.
RMB, known for its expertise in the infrastructure sector, is well-suited to be an effective partner in Sturdee’s growth journey, offering financial support and industry knowledge.
The alignment of Sturdee’s vision with RMB’s objectives, along with their existing funding relationship and the experience of Sturdee’s founding partners, facilitated the agreement.
By partnering with RMB, Sturdee gains the ability to rapidly scale up renewable energy projects, alleviating pressure on existing infrastructure, improving power supply to the grid, generating employment opportunities, and attracting further foreign investment.
The partnership has also received positive feedback from Sturdee’s existing shareholder, African Infrastructure Investment Managers, a division of Old Mutual Alternative Investments.
