African Infrastructure Investment Managers acquires majority stake in Harmony's solar project

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Africa   Harmony

The acquisition was made through its IDEAS Managed Fund. AIIM is one of Africa’s largest and most experienced infrastructure-focused private equity fund managers and a member of Old Mutual Alternative Investments.

The 30MW portfolio of facilities, which reached a financial close in May 2022, is expected to reach commercial operation in March and April 2023.

They will connect via a combination of wheeling and behind the meter solutions, feeding energy into Harmony operations in the Welkom area in South Africa.

Construction is anticipated to commence in June 2022.

When all three power facilities are fully operational, it is expected that they will deliver 68GWh of clean energy in the first twelve months of operations and 1.3TWh over the 20-year lifespan of the facilities.

The energy provided by the portfolio is expected to mitigate 65 000 tonnes of CO2 emissions in the first year of operations.