African Infrastructure Investment Managers (AIIM), a leading infrastructure private equity manager and a subsidiary of Old Mutual Alternative Investments, is doubling its equity commitment to NOA Group Holdings to a total of USD 180 million (ZAR 3.2 billion) to fast-track renewable energy in South Africa.
This follows the company’s announcement in late 2022 that it was investing USD90 million (ZAR1.6 billion) to establish a next generation renewable energy platform to provide integrated net-zero energy solutions to commercial and industrial customers in Africa.
Ed Stumpf, Investment Director at AIIM, says that the decision to ramp up its investment commitment is driven by strong client demand and the urgency to expedite the development of renewable energy sites in South Africa.
“We have seen exceptionally strong traction since the launch of NOA. Demand from our clients has necessitated an increase and acceleration in AIIM’s investment to enable the delivery of a much larger renewable energy portfolio on much quicker timeframes than we had initially envisaged,” says Stumpf, adding that the investment underscores the company’s continued commitment to supporting sustainable energy platforms that can address South Africa’s significant energy challenges.
Stumpf says financing for NOA will be sourced from a combination of equity provided by AIIM’s South African IDEAS Fund and the latest iteration of AIIM’s USD-denominated pan-African investment fund, AIIF4.
The announcement follows the recent news that NOA Group has agreed commercial terms with Netcare for a Renewable Energy supply arrangement. The transaction covers six Netcare facilities, whose power is currently supplied by Eskom. From Q1 2026, up to 100% of these sites’ energy consumption – comprising approximately 11% of Netcare’s total energy consumption – will be supplied from renewable energy sources through a combination of wind and solar farms.
Netcare says that this is an important step towards its goal of achieving 100% reliance on renewable energy sources by 2030.
“We are pleased to partner with NOA on this initiative, which forms part of our wider environmental sustainability strategy that also aims to reach zero waste to landfill and have a 20% reduction of impact on water sources within the next seven years,” says Dr Richard Friedland, Chief Executive Officer of Netcare.
NOA is a vertically integrated energy platform specialising in solutions for commercial and industrial sectors, including large-scale wheeled energy generation using wind, solar, and storage technologies. NOA aims to develop, finance, and operate a portfolio exceeding 2.5 GW of renewable energy assets over time.
These deals further solidify AIIM’s position as a leading investor in South Africa's renewable energy landscape, with projects representing over 2.0 GW of operating solar and wind generation capacity.
NOA CEO Karel Cornelissen says this is not only a boost for South Africa’s energy security but also a valuable investment in sustainable electricity generation.
“Given South Africa’s current high carbon intensity and our need to address high unemployment, poverty and inequality, we know that NOA can play a major role in balancing environmental priorities with economic and social considerations. We look forward to achieving these goals in the fastest possible timeframes, made possible by this latest commitment,” Cornelissen concluded.