Reunert and A.P. Møller Capital, are excited to announce the establishment of a new joint venture, Lumika Renewables (“Lumika”). Lumika will develop a portfolio of cost efficient, renewable energy solutions for commercial and industrial customers in Africa.
Lumika will design, build and finance renewable based energy solutions for commercial and industrial customers in Africa through, among others, the installation of solar panels supplying green energy and providing software that creates transparency in terms of energy consumption. These solutions will lower the high cost of energy, reduce the reliance on fossil energy sources and in the end help African businesses to become more cost competitive and lower their impact on the environment by lowering their carbon footprint.
As equal partners in Lumika, Reunert and A.P. Møller Capital will leverage Terra Firma Solutions’ proven track record of optimising carbon assets and successfully delivering cost efficient energy solutions to commercial and industrial customers in Southern Africa to facilitate Lumika’s entry into other African markets.
A.P. Møller Capital’s long-term experience in investing in infrastructure in growth markets will furthermore support Lumika’s expansion into African countries where A.P. Møller Capital already has existing networks.
The partners share their passion for value creation and strong environmental, social and corporate governance. In this regard, Reunert’s Group CEO Alan Dickson said, “Lumika will make a strong social impact by contributing to Africa’s green energy transition and power liberalisation. Lumika will create green energy jobs in Africa while introducing beneficial financing and world-class engineering, procurement and construction into the rapidly growing market of distributed generation. The establishment of Lumika forms an integral part of, and provides impetus to, Reunert’s renewable energy strategy that is currently centred around our investments in Terra Firma Solutions and Blue Nova.”
A.P. Møller Capital’s Managing Partner and CEO, Kim Fejfer, supported his views by saying, “Establishing Lumika Renewables fits well to our strategy for The Africa Infrastructure Fund, namely, to support sustainable development on the African continent. Supplying clean, reliable and cost-effective energy for corporations is a necessity for further development in the respective countries.”
The establishment of Lumika is subject to customary regulatory approvals for a transaction of this nature.