Renewable energy company EIMS Africa has successfully acquired Renewable Energy Empowerment Management Services (Reesco) a key step in the companys expansion plans as it anticipates increasing its generation capacity to about 1 500 MW by late 2022.
EIMS Africas current renewable energy portfolio comprises 13 utility-scale projects with a combined generation capacity of over 850 MW, including the 50 MW De Wildt solar farm in the North West province.
The acquisition of Reesco will enable EIMS to bolster its capacity and capabilities, with EIMS Africa CEO Ryan Hammond saying EIMS Africa is in a phase of significant growth, having started three projects in 2018 and having grown the business to 13 projects to date.
We have several other secured projects at various stages of the financial close process and by the end of this year, we expect that number to almost double, along with our platforms generation capacity, he adds.
This growth is not possible without a dedicated team of experienced individuals who know what it takes to deliver and operate these projects. The Reesco acquisition is a key step in facilitating our growth as it augments the depth and experience of our team, says Hammond.
Reescos team adds its experience as an expert management services company that specialises in technical, administrative and compliance competencies related specifically to South Africas Renewable Energy Independent Power Producer Procurement Programmes regulatory environment.
Reesco founder and CEO Dr Tamuka Kaseke says the acquisition is a win-win transaction for both parties, as EIMS Africa gets to take on a solid and seasoned team with over eight years experience, while Reesco staff get an opportunity to diversify their knowledge and experience base in terms of renewable energy asset management.
EIMS Africa is majority owned by the Old Mutual IDEAS Fund, managed by African Infrastructure Investment Managers (AIIM).
We are committed to continuing to play a leading role as one of the largest South African-owned investors in the local renewable energy industry. EIMS Africa is the primary vehicle for this investment and this acquisition further signals our ongoing commitment to growing the EIMS Africa renewable platform, comments AIIM Southern Africa Development Community CIO and IDEAS Fund co-portfolio manager Sean Friend.