Eos Capital – a Namibian private equity firm with over N$ 1 billion in assets under management – has formally acquired a majority stake in Energy Utilities (formerly “Energy Partners Namibia”) for an undisclosed amount. The confirmation of the deal follows its approval by the Namibian Competition Commission (“NaCC”) on 10 July 2021. 

Energy Utilities – previously the local affiliate of Energy Partners South Africa – offers intelligent, renewable energy solutions, which allow clients to reduce their grid energy consumption through on-site solar installations and freon/ammonia cooling systems. In addition to having the latest technology, Energy Utilities also bears all costs of building, installing and maintaining the solar panels and cooling systems, with no upfront payment from clients. This frees up clients’ money to grow their businesses instead of investing in costly energy infrastructure. Clients then lease back the assets from Energy Utilities under long-term agreements. Energy Utilities has a diverse client base across Namibia, ranging from shopping malls and standalone retailers to offices, schools, and lodges. 

This represents the first deal for Eos under the banner of its Namibia Infrastructure Development and Investment Fund (“NIDIF”) – a N$ 540 million infrastructure private equity fund. NIDIF targets infrastructure projects in Namibia through equity funding with the aim of generating long-term, stable, and robust income yields, as well as capital growth, to its investors. The fund’s main target sectors include Energy, Water, ICT, Transport and Logistics, Healthcare, Education. Eos is also managing the N$ 461 million Allegrow Fund, a general private equity fund, and is currently fundraising for the Euphrates Agri Fund – its third fund.