South Africa’s renewable energy sector has entered a new phase of consolidation and ambition with the launch of Anthem, a major independent power producer (IPP) born out of the merger of African Clean Energy Developments and EIMS Africa. The new entity is already one of the largest renewable players in the country, holding between 12% and 15% of South Africa’s IPP market, and has set itself a bold target of expanding its installed capacity to 6 gigawatts (GW) by 2030.
The consolidation has not only created a heavyweight in the clean energy landscape but has also attracted new capital and strategic investors. Anthem’s shareholder base is led by African Infrastructure Investment Managers’ IDEAS Fund, linked to Old Mutual, which remains the majority owner. Importantly, the black-owned Mahlako Energy Fund and Norway’s state-backed development investor Norfund have joined the mix with a combined 15% stake, and Norfund has committed R1.5 billion in equity investment to strengthen Anthem’s growth trajectory. That shareholding could grow to 30% in future, signaling long-term confidence in South Africa’s energy transition.
Anthem’s current portfolio is already substantial: 2.7 GW of wind, solar PV and small hydro assets are in production, under construction, or approaching financial close. Together, these projects generate over 2,400 gigawatt-hours (GWh) annually, enough to power millions of homes, with a further 1,350 GWh expected to come online in 2026. Its pipeline is even more impressive, totaling 11 GW, underscoring its ambition to anchor South Africa’s and the wider SADC region’s clean energy growth.
Among its 27 operational and development projects are some of the most significant milestones in South Africa’s renewable journey. The Umoya Wind Farm, a 67 MW facility, was the first utility-scale wind project to reach financial close under the government’s pioneering Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) in 2012. More recently, Anthem has been a trailblazer in the private power market: the 69 MW Msenge Emoyeni Wind Farm supplies Sasol directly, while the Castle Wind Farm, described as the largest private-offtake wind facility in South Africa, delivers 89 MW to mining giant Sibanye-Stillwater. These projects highlight not just Anthem’s scale but its role in reshaping the relationship between renewable power producers and major industrial off takers.
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Speaking at the launch, CEO James Cumming outlined Anthem’s roadmap. “Our immediate goal is to grow to 6 GW by 2030,” he said, emphasizing that the company will increasingly deploy hybrid battery energy storage systems (BESS) at its sites and assess standalone storage investments to strengthen grid reliability and balance. This is particularly relevant as South Africa prepares for the Wholesale Electricity Market (SAWEM), a reform intended to liberalize the power sector. While Anthem does not plan to enter the electricity trading or aggregation space directly, Cumming noted it may seek a trading license if that becomes necessary for full participation in SAWEM.
Anthem’s strategy is firmly regional. In addition to its South African operations, the company already has solar PV and hydro projects in Eswatini and plans to pursue further opportunities across the Southern African Development Community (SADC). Expansion will require significant new capital, and Anthem has not ruled out a future public listing or the broadening of its shareholder base to support its growth.
Chairperson Sean Friend, who also serves as AIIM’s Chief Investment Officer for SADC, framed Anthem as a game-changer for the regional energy landscape. “With its strong growth pipeline and significant large-scale projects already underway, Anthem will have a material impact on Southern Africa’s energy future,” he said. The company, which currently employs about 80 people, expects to grow its workforce steadily as new projects come online and as it assumes more operational responsibilities at its facilities.
Anthem’s operational model emphasizes long-term ownership and local expertise. COO Ryan Hammond pointed out that the scale of projects in the pipeline dwarfs earlier efforts. “Where 140 MW wind farms were once considered large-scale, we are now developing projects five times that size,” he explained. Beyond megawatts, Hammond stressed the wider benefits of Anthem’s investments: job creation, skills development, and social and environmental programs that align renewable energy expansion with inclusive and sustainable development.
Anthem’s emergence underscores two important shifts in Africa’s energy story. First, consolidation among IPPs is strengthening the sector’s ability to mobilize large volumes of capital for ambitious projects, bridging gaps left by slow-moving state-led initiatives. Second, private-sector offtake agreements with industrial players are carving out new markets for renewables, reducing reliance on Eskom’s troubled grid and opening space for innovation in storage and hybrid systems.
For South Africa and the wider region, Anthem’s 6 GW target represents more than a business milestone; it signals how the continent’s renewable sector is maturing into a driver of resilience, industrial competitiveness, and sustainability. As the global energy transition accelerates, entities like Anthem will play a decisive role in ensuring that Africa is not just a follower, but a leader in shaping clean energy futures.
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