African Infrastructure Investment Managers (AIIM), a leading infrastructure-focused private equity firm, has successfully completed the divestment of its equity interests in three major renewable energy projects in South Africa. The transaction, executed through AIIM’s IDEAS Managed Fund, is valued at over R750 million (approximately $41.8 million), marking a significant milestone in the firm’s renewable energy investment journey.
The assets involved in the transaction include two solar photovoltaic (PV) projects and one wind energy project, all of which were developed under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP)—a flagship initiative aimed at expanding the country’s clean energy capacity through private sector participation.
As part of the deal:
- AIIM sold its 21% stake in the Jeffreys Bay Wind Farm, a 138 MW facility located in the Eastern Cape, to existing project shareholders Enzani Technologies and Usizo Engineering.
- The firm also exited its 10% equity holdings in the Kalkbult Solar PV Project (73 MW) and the Linde Solar PV Project (38 MW), both situated in the Northern Cape. These stakes were acquired by Gaia Renewables 1, a renewable energy investment vehicle listed on the Cape Town Stock Exchange.
Zaahid Ganey, Investment Director at AIIM, emphasized the long-term value and impact of these investments:
AIIM has been a committed investor in these high-quality renewable energy assets since their financial close more than 12 years ago. They have delivered strong returns while contributing significantly to the sector’s growth. This successful exit reinforces AIIM’s strong track record in renewable energy, aligns with our strategic focus on majority-controlled investments, and ensures value realization for our investors.
The exit reflects AIIM’s broader strategy of recycling capital from mature assets to reinvest in new infrastructure opportunities across Africa, particularly in sectors such as energy transition, digital infrastructure, and mobility. It also highlights the growing maturity of South Africa’s renewable energy market and the increasing appetite for clean energy assets among local investors.
