Sturdee Energy
Introduction
Sturdee Energy specialises in developing renewable energy projects across Southern Africa, aiming to support economic growth and socio-economic development through sustainable energy solutions.
Swedfund’s investment will accelerate the expansion of renewable energy in Southern Africa, with a primary focus on South Africa, a country heavily reliant on coal-fired electricity.
Increased production of renewable energy reduces the burden on the public electricity grid, both by increasing the overall energy supply and by improving the reliability and availability of energy.
The co-investor is IFU.
Read more in our press release: Swedfund and IFU invest in renewable energy development in Southern Africa
Related links:
Swedfund Policy For Sustainable Development
Swedfund E&S Categorisation
Facts
SDG in focus
No Poverty
End poverty in all its forms everywhere.
Climate Action
Take urgent action to combat climate change and its impacts.
Value creation
Impact
The investment contributes to increased production and access to electricity, reduced carbon emissions and the implementation of international sustainability standards in the sector.
Additionality
Swedfund's investment is financially additional as we invest in a challenging context with high risks and where access to capital is limited. The investment is expected to help mobilise capital. The investment is value additional through a strong focus on active value creation during the investment phase, where the environment, sustainability and corporate governance are prioritised.
ESG Summary
Requirements
In line with Swedfund’s Policy for Sustainable Development, the portfolio company is required to materially comply with, inter alia: (i) all internationally recognised human rights (ii) the EDFI harmonized exclusion list and EDFI Fossil Fuel Exclusion List, (iii) local environmental, health & safety and labour laws and regulations, (iv) applicable IFC Performance Standards, (v) the ILO’s Declaration on Fundamental Principles and Rights at Work and the ILO’s Basic Terms and Conditions of Employment.
ESG risk
E&S risk categorisation is Medium-High Impact/Risk (Direct B+) based on company’s investment strategy, exposure to E&S/impact risks inherent to the sector including labour rights, supply chain risks, human rights, climate.
ESG mitigation measures
Swedfund is supporting the company to, among other things, develop and implement an environmental and social management system (ESMS) that has the capacity to manage and mitigate environmental and social risks linked to the sector. This includes issues related to occupational health and safety and risks, climate change management and business integrity.
Applicable IFC Performance Standards
IFC Performance Standards (PS) 1-4 are applicable at the company level and project level. IFC PS 5-8 may be triggered on a case-by-case basis at the project level.
Whistleblowing channels and Grievance Mechanism
Swedfund’s whistleblowing services can be used by employees, contractors and others at Swedfund, and by the companies and funds in which Swedfund invests. The complaints mechanism can be used for all types of complaints concerning Swedfund and Swedfund’s portfolio companies, but not for complaints concerning individuals as a result of restrictions arising from data protection legislation. 🔹 Link in website footer.