RMB’s partnership started with two of the shareholders when the inaugural transaction happened in 2015. RMB provided Usizo and Enzani with funding against their interests in three renewable energy projects. At this stage, Usizo and Enzani each held small minorities in these companies - between 2% and 4%. Their minority interest limited the rights that each of the shareholders held in the business.

Over time, RMB identified two investors with shared values and proposed a partnership between the parties. At this point, the investors could not have anticipated that this investor group would soon become a market leader in the renewable energy sector.

The amalgamation transaction was completed in June 2019. At that time the portfolio comprised 8 projects delivering 440 MW of power to South Africa. In some instances, the investors had shareholdings in common projects, meaning that the amalgamation improved not only their economic interests but the rights attributable to that shareholding through the iThokazi vehicle. And by the same time in 2020, iThokazi’s portfolio had grown to a total of ten solar and wind farm assets delivering 544MW of power.

RMB has recently concluded another R107m transaction in 2021 which takes the total number of assets to 11 and 644MW of power.

This funding is characterized by providing cash flows to investors from inception and flexible terms that tether performance of the investors’ and RMB’s investment. The investors have adeptly used this equity to make further investments as noted above.

The development of the portfolio has also seen iThokazi diversify their investment targets to include other assets where their capabilities in respect of engineering and construction can be leveraged to create value. Here too, RMB has played the role of partner, advisor and funder.

RMB and iThokazi intend to continue this partnership for many years to come. Above all else, it is the shared values and ideals that make this partnership so seamless.