Private equity fund makes first solar investment
Founding shareholder of Khomas Solar Saver, Mr Owen Sivertsen sold two-thirds of his company to private equity fund, Stimulus.
“Stimulus Investments Limited announced on Friday, 10 February 2017, that it has successfully acquired a majority stake in recently established company, Khomas Solar Saver (Pty) Limited, a renewable energy, financing and installation service provider in Namibia” stated Stimulus late on Friday afternoon after finalising the deal.
In terms of the proposed transaction, Stimulus now owns a 67.6% ownership stake with the remainder of the shares owned by the founding shareholders and key members of the management of Khomas Solar Saver.
Formed in 2016, Khomas Solar Saver offers financing and long-term rental options for the installation of rooftop solar photovoltaics (PV) systems to corporate and commercial clients in Namibia.
The business model targets high-grade properties of long-term relevance and enables them to install a complete solar PV system without any capital outlay. These systems go a long way in fulfilling the demand for cost effective, renewable energy solutions in a market that is increasingly favourable towards green technology.
“Since inception, we have installed 12 solar PV systems, which include clients such as Lady Pohamba Hospital, Metro Hyper, Engen Academia, Oshana Built It and the River Crossing Lodge, with a further 14 PV systems in the process of being commissioned”, said Sivertsen one of the founding shareholders of Khomas Solar. “ We focus on installations with a peak capacity of between 17 kiloWatt Peak (kWp) and 500 kWp at a capital outlay ranging from N$350,000 to N$7 million per single site installation” he said.