The Climate Investment Fund and KLP have planned to invest NOK 850 million to establish a new renewable energy platform in South Africa. The platform, named Anthem, is being formed through the merger of African Clean Energy Developments (ACED) and EIMS Africa, with Mahlako Energy Fund also joining as an investor.
Of the total investment, the Climate Investment Fund is providing NOK 685 million directly, while KLP Norfund Invest (KNI) is contributing NOK 170 million. KNI is jointly owned by Norfund with 51 per cent and KLP with 49 per cent. Furthermore, Standard Chartered Bank acted as Norfund’s financial advisor for the transaction.
Anthem plans to develop 11 GW of solar and wind capacity, with capital from the Climate Investment Fund. It will reportedly be one of South Africa’s largest renewable energy companies, with a portfolio of more than 2.7 GW across 17 operational wind and solar projects. Additionally, its portfolio will include the four projects currently under construction and three projects at the financing stage.
