South African independent power producer (IPP) Sturdee Energy has partnered with Namibian-owned entity Frans Indongo Group, to raise a project finance facility of N$500-million from RMB Namibia as the lead arranger, on two operational solar projects in Namibia - Mariental and Kokerboom - each with a capacity of 10 MW.

This transaction secures additional operational capacity for Sturdee Energy, accelerating the scaling of its Namibian operations and boosting its status as a considerable IPP in Namibia and the region, the company avers.

It simultaneously marks a material investment by the Frans Indongo Group into Namibian renewable energy through its energy business, Indongo Energy.

The existing installations, operational since December 2018, are equipped with Tier 1 utility-scale solar equipment, including Jinko panels, and single axis trackers.

They have long-term power purchase agreements with energy utility NamPower.

In 2025, the projects will generate an estimated 59 320 MWh of clean energy.

RMB says it is excited to partner with Sturdee Energy and the Frans Indongo Group in their respective missions to build out a globally competitive renewable energy infrastructure landscape in Namibia and the Southern African region.

“By connecting these sustainable investment opportunities to bespoke funding structures that attract diversified strategic capital pools, RMB is pleased to optimise investor returns and deliver green assets to Namibia’s capital markets.

“RMB leveraged the greater FirstRand Namibia ecosystem to pull capital from other sources beyond the commercial banking industry, with the Government Institutions Pension Fund’s participation in the transaction through Ashburton Investment Managers Namibia,” RMB highlights.

Sturdee Energy says it is “particularly enthusiastic” about the partnership with the Frans Indongo Group, viewing it as a cornerstone for future growth and collaboration.

“This partnership not only expands our operational capabilities but also aligns with our strategic goals to deepen our engagement in Namibia and enhance our contributions to the region's energy needs, says Sturdee Energy executive director James White.

“Working with Sturdee as an investment and expert technical partner is aligned with the Frans Indongo Group’s strategy, through Indongo Energy to invest in Namibia and its energy sector as being one of the catalysts of economic growth of Namibia. . .” says Frans Indongo Group CEO Jeremy George.

This partnership aligns with Sturdee’s strategy to develop, own, operate and acquire high-quality renewable-energy assets, bolstering its footprint in the Southern African Development Community region.

The move also complements Sturdee Energy’s existing Namibian investment in the Rosh Pinah Solar project, expected to form the foundation for a local platform that enhances operational efficiencies and market presence.

This expansion is highlighted to be further strengthened by the partnership with the Frans Indongo Group, marking its first investment into the renewable-energy sector.