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RMB – a division of FirstRand Bank Limited, is an Authorised Financial Services and Credit Provider NCRCP20.
Copyright © RMB 2026. All rights reserved.
RMB – a division of FirstRand Bank Limited, is an Authorised Financial Services and Credit Provider NCRCP20.
Copyright © RMB 2026. All rights reserved.
MEDIA RELEASE
20 JUNE 2023
RMB has partnered with Sturdee Energy to help it grow its business in the southern African renewable energy sector. RMB’s equity funding into Sturdee is welcomed by its existing shareholder, African Infrastructure Investment Managers (AIIM), a division of Old Mutual Alternative Investments (OMAI) through its IDEAS Fund. This investment will give the business firepower to further build out its immediate pipeline of 175MW and position it to deliver flexible power purchase agreements to target the increasing liberalisation of the sub-Saharan Africa electricity markets.
Sturdee Energy’s core business is to operate as an independent power producer (IPP) developing, owning, operating, and investing in renewable energy projects and related infrastructure to supply government utilities, large corporates and industrial clients on the continent. Sturdee’s goal is to deliver economic growth and socio-economic development to Africa through the production of reliable renewable energy.
RMB will be working to aid in growing the company’s footprint in southern and sub-Saharan Africa, with the ultimate goal of helping Sturdee to become a prominent South African-owned IPP in the region.
“RMB came into the deal as a financial partner with a keen interest in helping Sturdee achieve its vision. We have an ongoing relationship with Sturdee, having supported them in a number of bids in the private power space in South Africa, and we look forward to partnering with them as they expand in this sector. Long term, our investment will continue to deepen as we work together to build out additional projects,” says Pranisha Sahadeo, Senior Transactor, Infrastructure Sector Solutions at RMB.
Sturdee needed an Africa-focused investor to support their sub-Saharan Africa growth strategy, and RMB, as a leader in the infrastructure sector with the capability and mindset to be an effective partner on this journey, is the ideal fit. Sturdee’s vision for the business is aligned with that of RMB, and the existing funding relationship, alongside the experience of Sturdee’s founding partners in the industry, helped to conclude the arrangement.
With RMB supporting Sturdee, it now has the ability to help solve the need for renewable energy by scaling up projects quickly to relieve pressure on our existing infrastructure. Not only will this improve power exported into the grid, but it also creates jobs and will help stimulate further foreign investment into the country.
“We are committed to being an integral part of resolving South Africa’s energy challenge. The private power market is an attractive investment prospect in South Africa, and this was an ideal opportunity for us to partner with an IPP and team with a wealth of experience that has the capability and pipeline to be a more significant participant in the sector. We believe that together with Sturdee’s management team, we can further cement Sturdee’s position as a meaningful player in the market,” Sarah Bastiaanse, Transactor, Principal Investments at RMB concludes.
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