The energy sector contributes 15% of South Africa’s GDP, but not all revenue from energy-based projects stays within the economy.  Many South African energy players lack the scale, balance sheet, or capabilities to compete with global energy leaders, especially in clean energy. RMB Ventures has recently partnered with Aurex Constructors, a multi-faceted local energy projects business, to support them in scaling for the larger local energy projects and expanding beyond South Africa.

Aurex operates across all energy sectors, from oil, gas, and chemicals to renewables and conventional power. The partnership will enable Aurex to pursue larger clean energy projects, a crucial step in advancing homegrown sustainable energy solutions.

The funding opportunity

When seeking additional funding, Aurex was perceived by banks as a traditional bricks-and-mortar construction company, a sector often considered high-risk. Despite these challenges, Aurex has demonstrated resilience, positioning itself for future growth.

Chief Executive Officer, Stuart Kent, says, “From the start, RMB Ventures had a different view of us. They could see beyond assumptions and understand our value and potential—from our management team to our ability to navigate challenging markets.”

Sherwin Jagarnath of RMB Ventures adds, “We were impressed by Aurex’s diverse business model and its ability to operate in both project development and maintenance. By working across South Africa’s energy sectors, Aurex can withstand market fluctuations.”

Scaling for the Largest Clean Energy Projects

Since RMB Venture’s involvement, Aurex has achieved key milestones. In early 2024, it completed the electrical scope of works on the Kenhardt Solar Power Stations PV Project, Africa’s largest solar power plant, with total construction costs valued at over R16 billion. As part of its renewable expansion, Aurex established an engineering department, allowing customers to benefit from a full, end-to-end project scope.

“Our renewable engineering capability is a key differentiator. Few local competitors in clean energy offer a full-service solution, as they lack the balance sheet to support it. Thanks to RMB Ventures, we can deliver true value in South Africa,” adds Kent.

Traditionally, project funding is only available at the Independent Power Producer (IPP) level, with limited capital filtering to project companies. By offering a full-service model, Aurex ensures more funding remains in the South African economy.

Navigating Industry Headwinds

Aurex’s success comes amid shifts in the energy market. The oil and gas sector has softened, posing challenges in retaining market share. While Aurex remains committed to oil and gas, it sees greater opportunities in Mozambique, Namibia, and the Middle East.

Kent states, “One of our strengths lies in our experienced leadership team.  Few challenges are beyond our ability to overcome.”

“This has been complemented by RMB Venture’s strategic support. We sought guidance from their senior management team, outside our core business. RMB Venture’s integrated, participative approach stood out. We were committed to BEE from the outset, and RMB Ventures introduced us to Bopa Morua, securing additional black ownership in our business.”

RMB Ventures has also facilitated additional capital at competitive rates, enabling Aurex to take on the larger projects in the energy sector.

Jagarnath notes, “Our value creation team worked closely with Aurex to unlock operational efficiencies, particularly within its supply chain. We also supported funding negotiations with banks.”

This partnership is positioning Aurex to lead in renewable project construction while remaining competitive across South Africa’s diverse energy sector.

“Energy, in all its forms is a pressing priority for South Africa and the continent. Our partnership with RMB Ventures empowers us to make a lasting contribution to developing critical, sustainable infrastructure,” concludes Kent.