African Infrastructure Investment Managers (AIIM) has sold its stakes in three renewable energy projects in South Africa in a deal valued at over R750 million. The transaction marks one of the more notable secondary market movements in the region’s clean energy sector and comes at a time when South Africa continues to face persistent electricity shortages and rising pressure to transition from coal.
The assets; two solar farms and one wind project, were developed under South Africa’s Renewable Energy Independent Power Producers Procurement Programme (REIPPPP) and have been in operation for more than a decade. AIIM, through its IDEAS Fund, sold its 21% stake in the 138 MW Jeffreys Bay Wind Farm to existing shareholders Enzani and Usizo, and its 10% stakes in the Kalkbult (73 MW) and Linde (38 MW) solar farms to Gaia Renewables 1, a company listed on the Cape Town Stock Exchange.
The three projects have long-term power purchase agreements with Eskom and are among the early entrants in South Africa’s renewable energy programme. Their operational stability and financial performance have made them attractive to secondary investors.
AIIM Investment Director Zaahid Ganey said the exit reflects the fund’s evolving strategy and readiness to reinvest in new energy infrastructure. “We have held these assets for more than 12 years, and they have consistently delivered on both performance and impact,” Ganey said.
For the buyers, the transaction represents an opportunity to expand their presence in a market where appetite for clean energy remains high. Gaia’s Chief Investment Officer Hendrik Snyman described the assets as well-constructed and low-risk, with room for further optimisation.
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Enzani and Usizo, which now hold a larger share in the Jeffreys Bay project, said the acquisition aligns with their goal of increasing involvement in South Africa’s renewable energy sector. “This strengthens our position as active participants in the country’s energy transition,” said Bheki Lembede, CEO of Enzani.
The projects have also played a role beyond energy generation. Since becoming operational, they have collectively directed more than R100 million toward local community development efforts, including funding for small businesses and social infrastructure.
AIIM’s exit comes as more African countries open their energy sectors to private investment. South Africa, while still heavily reliant on coal, has seen steady growth in renewables over the past decade, driven by both domestic energy challenges and global shifts toward low-carbon economies.
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The IDEAS Fund, managed by AIIM, has positioned itself as a key investor in infrastructure with developmental value. With the proceeds from the sale, the fund is expected to channel capital into new projects, particularly in early-stage development.
Although this transaction is specific to South Africa, its structure and execution are likely to draw attention from other markets across the continent. As countries such as Kenya, Nigeria, and Ghana work to scale renewable energy capacity, the emergence of credible secondary markets may help accelerate the pace of private investment.
The financial close of the transaction signals more than just the end of a holding period. It suggests a growing maturity in Africa’s renewable energy market, where projects can now move from initial developers to new stakeholders without losing operational or developmental value.
For AIIM, the exit also serves as a signal to investors that Africa’s infrastructure space is not only investable but capable of delivering full-cycle returns—provided that the projects are well-structured, community-linked, and operationally sound.
