AIIM Sells Stakes in Three South African Renewable Projects for $41.8M

AFRICAN STOCKS AND FINANCEJuly 24, 2025 at 11:14 AM UTC

TLDR

African Infrastructure Investment Managers (AIIM), via its IDEAS Fund, has exited its minority stakes in three South African renewable energy projects
The assets were developed under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP)
AIIM Investment Director Zaahid Ganey noted that the firm has been invested in the assets since the financial close, more than 12 years ago

African Infrastructure Investment Managers (AIIM), via its IDEAS Fund, has exited its minority stakes in three South African renewable energy projects in a deal valued at over R750 million (approximately $41.8 million). The assets were developed under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

The sale includes AIIM’s 21% stake in the 138 MW Jeffreys Bay Wind Farm in the Eastern Cape, acquired by existing shareholders Enzani and Usizo. AIIM also sold its 10% stakes in the Kalkbult (73 MW) and Linde (38 MW) solar photovoltaic (PV) projects in the Northern Cape to Gaia Renewables 1, a Cape Town Stock Exchange-listed entity.

AIIM Investment Director Zaahid Ganey noted that the firm has been invested in the assets since the financial close, more than 12 years ago. The projects have delivered strong returns while advancing South Africa’s clean energy goals.

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Key Takeaways

AIIM’s exit from long-held renewable energy assets reflects both the sector’s maturation and the firm’s pivot toward majority-controlled investments. The sale marks a value realisation phase after more than a decade of holding equity in early REIPPPP projects, which were instrumental in catalysing South Africa’s utility-scale clean energy market. The transaction also signals growing secondary market activity in South Africa’s renewables space, with local entities like Gaia Renewables stepping up as long-term infrastructure owners. As the country targets more ambitious energy transition goals, exits like AIIM’s provide capital recycling opportunities for early investors and illustrate the viability of project lifecycle investing in African infrastructure.

Finance

Private Equity

South Africa

AIIM

African Infrastructure Investment Managers