South Africa’s clean energy powerhouse, Anthem, launches today

The South African energy landscape is seeing a major shift today as a renewable energy powerhouse launches to help solve the region’s Just Energy Transition. Anthem, a company comprised of established players in the renewable energy space, already accounts for approximately 15% of the renewable energy market share in South Africa. With expansion plans into Southern Africa, it is set to become one of the primary vehicles for large-scale renewable energy investment in the region.

Anthem's impact and mission

Anthem develops, finances, builds, owns, operates and manages one of South Africa’s most significant renewable energy portfolios, constituted of 24 wind and solar photovoltaic (PV) projects across five provinces in South Africa, as well as a hydroelectric plant, and a soon-to-close solar PV project in Eswatini (formerly Swaziland).

“South Africa’s and the region’s undersupply of power and overreliance on coal demands a decisive shift to cheaper, clean, renewable power. Anthem exists to keep economies moving sustainably, supplying government utilities such as Eskom and large-scale industrial and private-sector customers with energy that drives growth, supports jobs, decarbonises industry and advances the ‘Just Energy Transition’. Together with our existing and incoming shareholders, we are very excited by what’s to come,” says Anthem Chief Executive Officer (CEO), James Cumming.

Anthem Chairperson and Chief Investment Officer (CIO) for SADC at AIIM, Sean Friend, relays: “The investment opportunities presented by Anthem and its broad range of projects should not be underestimated. We are delighted by the co-investments committed to by Mahlako Energy Fund and Norfund. A number of very significant large-scale projects are underway, and many more are in the pipeline that will have a material impact on the region’s energy landscape.”

Co-founder and Fund Principal at Mahlako Energy Fund, a founding investor and soon to be board member at Anthem, Makole Mupita remarks: “We see significant long-term potential and an unmatched footprint in the making. Anthem is a game-changer, ensuring the broad participation of South Africa's retirement savers through our efforts. We promote local ownership and support South African talent and skills in securing the country's energy supply.”

Bjørnar Baugerud, Head of the Climate Investment Fund at Norfund, says: “Anthem will play a central role in the Norwegian Climate Investment Fund’s efforts to accelerate South Africa’s energy transition—delivering substantial avoided emissions while expanding access to reliable renewable energy that fuels economic growth and job creation.”

As an integrated renewable energy company, Anthem supplies clean energy to Eskom, medium to large private power users, and traders or aggregators, through:

17 projects in operation, generating over 1.1 GW.
4 projects in construction totalling 445 MW.
3 projects in financial close totalling 1.2 GW
Providing operations and maintenance services to nearly 500MW of its own PV projects.

Together, this represents over 2.7GW of secured power capacity and an estimated 15% market share in South Africa’s renewables independent power producers (IPP) market. In addition, Anthem controls an 11GW greenfield site pipeline across South Africa, with well-developed plans to further its expansion into Southern Africa, beyond Eswatini.

Anthem's Origins

Born of the African Infrastructure Investment Managers (AIIM) managed IDEAS Fund, Anthem brings together two of South Africa’s most established renewable energy players: African Clean Energy Developments (ACED), a leading development and delivery platform, and EIMS Africa, one of the country’s largest clean energy project asset managers.

AIIM is a member of Old Mutual Alternative Investments and has a 25-year track record of investing in infrastructure across the continent, with assets under management of USD 3.2 billion. Its IDEAS Fund, Anthem’s majority shareholder, has a value of over ZAR 30 billion with equity in economic, social, and renewable energy infrastructure projects, including Anthem’s wide array of projects.

Anthem’s strong leadership, partners and track record

Since 2014, Anthem’s projects have already offset over 11.3 million tonnes of CO₂ and invested more than R600 million in socio-economic and enterprise development, supporting nearly 1,200 small and medium-sized businesses. Anthem currently generates over 2 400 GWh per annum with an additional 1350 GWh coming online in 2026.

Today, Anthem is led by an experienced management team, including Cumming, a UCT- and Oxford-educated energy leader with a track record of developing and delivering large-scale wind and solar projects, and Chief Operating Officer (COO) Ryan Hammond, a seasoned renewables developer and asset manager with a depth of local and international experience in scaling renewables businesses.

With an 80-person strong and growing team, Anthem is lean and agile, enabling it to fully leverage well over 200 years of combined sector and senior management experience.

The transactions that have unlocked Anthem

The AIIM managed IDEAS Fund, together with ACED, EIMS Africa and the renewable projects and pipeline they own and manage went to market in 2024 for investment in the then to-be-formed single entity, or what the industry refers to as “platform”.

That process has culminated in the recent execution of transaction documents between Anthem, the IDEAS Fund, Mahlako Energy Fund and Norfund. Mahlako Energy Fund and Norfund will subscribe for shares in the now incorporated Anthem platform, subject to customary approvals.

Mahlako Energy Fund is managed by Mahlako a Phahla Financial Services a subsidiary of Mahlako a Phahla Investments, a 100% black women-owned investment and advisory firm with a strong track record in energy, infrastructure and other strategic sectors.

Norfund, owned and funded by the Norwegian Government, is the USD 3.8 billion Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development.

Flamingo Capital Partners acted as exclusive financial advisor to the IDEAS Fund in this process, facilitating marketing, overseeing investor selection and providing transaction management and financial advice. Cliffe Dekker Hofmeyr was lead legal adviser to the Fund and Anthem.

Power with Purpose

Anthem’s creation comes at a critical time for South Africa, as the country seeks to accelerate its energy transition from coal to clean, reliable, and cost-effective energy, while maintaining growth and employment and making a lasting and meaningful impact in local communities. The same goes for the region.

“Anthem represents more than just a business – it is a call to action to deliver impact through clean power, at scale, collaboratively and cohesively,” said Cumming. “By building on our under-the-radar market leadership, and with the strength and support of our shareholders, what were already successful component parts now come together to be a more efficient and value-enhancing whole. Anthem represents the ‘Power of Together’ to deliver ‘Power with Purpose’.”

“As a long-term owner and operator with deep local expertise, we are committed to building a sustainable energy future – delivering progress and prosperity for people across South Africa and the region in years to come,” says Anthem Chief Operating Officer (COO), Ryan Hammond.