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News > Private Equity > Exits

Metier and AMDA exit AE AMD

Anna Lyudvig
Nov. 29, 2017, 10:20 p.m.
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Word count: 286

Metier and Spanish project developer AMDA Energia have sold their interests in AE AMD to Old Mutual’s African Infrastructure Investment Managers (AIIM), through its IDEAS fund, and Katiso Renewable Energy.

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Metier and Spanish project developer AMDA Energia have sold their interests in AE AMD to Old Mutual’s African Infrastructure Investment Managers (AIIM), through its IDEAS fund, and Katiso Renewable Energy.

AE AMD Renewable Energy is a South African company focused on the development of renewable energy generation projects, which to date have been in the Solar Photo Voltaic sector (Solar PV). 

It has been established through the bringing together of AMDA energía SA, an experienced Spanish developer of renewable energy generation capacity, Alt-E Technologies, a South African investment company focussed on building a renewable energy investment portfolio and Lereko Metier Sustainable Capital (LMSC) Fund Trust that targets energy efficiency, renewables.

AMDA Energía has sold its 60.06% stake, whereas Lereko Metier Sustainable Capital Fund has disposed its 14.2% stake.

ALT-E Technologies currently owns 25.74%.

The new owners increase the South African and BEE ownership of the two round one Renewable Energy Independent Power Producer Programme (REIPPP) projects that began generation onto the grid in 2014. 

Marc Immerman, principal at fund, Lereko Metier Sustainable Capital, said that LMSC has delivered on its targeted IRR and has proven its business case of realising projects at a premium once construction and early operational risk is substantiality reduced.

The transaction closed in November 2017 and is the first realisation of the eight LMSC renewable energy investments.

Immerman said: “This validates that our funds can deliver return outperformance from managing early stage development and construction risk effectively in clean infrastructure assets.” 

“In addition to the financial returns, the projects have implemented maths and science support programs, scholarships, teacher salary subsidies and we have driven an improvement in the ESG profile of the company during our holding period,” he added.

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