Sturdee Energy has partnered with Frans Indongo Group to secure N$500 million in project finance from RMB Namibia to fund the Mariental and Kokerboom 10MW solar projects.
The transaction secures additional operational capacity for Sturdee Energy, accelerating the scaling of its Namibian operations and enhancing its position as a major independent power producer (IPP) in Namibia and the region.
Frans Indongo Group Chief Executive Officer Jeremy George said working with Sturdee as an investment and expert technical partner aligns with Indongo Energy’s strategy to invest in Namibia and its energy sector, which is one of the catalysts of Namibia’s economic growth.
The partnership simultaneously marks a material investment by the Frans Indongo Group into Namibian renewable energy through its energy business, Indongo Energy.
“As our first entry into the renewable energy space, we are proud to have Sturdee as our expert partner. Through Indongo Energy as a partner we look forward to seeing where this will take us and this will not be our last investment into renewable energy,” he said.
Sturdee Energy Executive Director, James White, said the partnership underlines Sturdee’s strategy to develop, own, operate, and acquire high-quality renewable energy assets, thus bolstering its footprint in the Southern African Development Community (SADC) region.
“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,” White noted.
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 NamPower, one of Africa’s most respected energy utilities.
In 2025 the project is estimated to generate an estimated 59,320 MWh of clean energy [MWh per year], and achieve carbon emissions savings of 56,354 tCO2e.
Sturdee Energy’s Executive Director, Andrew Johnson, said this move complements Sturdee Energy’s existing Namibian investment in the Rosh Pinah Solar project, forming the foundation for a local platform that enhances operational efficiencies and market presence.
“With a highly professional utility in NamPower and an effective regulator in the ECB, Namibia remains a priority market for us. We are excited about the potential for further investments in both the public and private sectors here,” he said.
Sturdee Energy has operations in South Africa, Botswana and Namibia and a track record of delivering over 650MW of operational projects.
Infrastructure Dealmaker at RMB, Leonard Hamunyela said RMB 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 optimize investor returns and deliver Green assets to Namibia’s capital markets,” he said.
He added that 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.
