Norfund has acquired Anthem, a prominent South African Independent Power Producer (IPP), for $1.4 billion. This corporate acquisition sees Norfund take full ownership of Anthem, a company it previously supported as a founding investor. Anthem was established through the integration of African Clean Energy Developments (ACED) and Energy Infrastructure Management Services (EIMS) Africa, quickly becoming one of the largest renewable energy developers and operators in the region.
Anthem's operations span a significant portfolio of 24 wind and solar PV projects across five provinces in South Africa, alongside a hydroelectric project and an upcoming solar PV project in Eswatini. This extensive network represents over 2.7 gigawatts (GW) of secured capacity and an additional 11 GW greenfield pipeline. The company holds an estimated 15% market share in South Africa’s renewables IPP market, positioning it as a key player in the country's energy transition. Anthem's mission has been to deliver sustainable power and create long-term value in Southern Africa.
The acquisition by Norfund is a strategic move to consolidate a major renewable energy platform in Southern Africa. As a founding investor, Norfund's full acquisition of Anthem underscores its commitment to accelerating the region's shift towards sustainable energy sources. This integration is expected to streamline development, financing, and operational processes, leveraging Anthem's established expertise and extensive project pipeline to drive further growth and efficiency in the renewable energy sector.
This transaction is anticipated to strengthen the combined entity's capacity to develop and operate large-scale renewable energy projects across Southern Africa. The unified structure aims to enhance the delivery of sustainable power solutions, contributing significantly to the region's energy security and climate goals. The acquisition positions the integrated entity for continued expansion and leadership in the evolving renewable energy landscape.