Namibia’s largest private group, the Ohlthaver & List (O&L), has acquired the majority stake in Cronimet Mining Power Solutions GmbH, which is a German-based renewable energy project development focusing on engineering, procurement, construction, investment and asset management. O&L acquired the concern from the exiting shareholder, Cronimet Mining AG in Switzerland, as of 1 August 2020.
The merger comes after half a decade of successfully partnering with Cronimet in Namibia through a joint venture. In cementing the corporate merger, the O&L Energy business and Cronimet will henceforth adopt its new trade name and brand, “O&L Nexentury”. As of August 2020, “Cronimet Mining Power Solutions” and “O&L Energy” will no longer be marketed and from this point on, the company and its subsidiaries will operate under the trade name and brand O&L Nexentury GmbH.
O&L Group Executive Chairman, Sven Thieme and Chief Executive Officer (CEO), Wessie van der Westhuizen welcomed the new member to the O&L family and portfolio, and said: “In line with our Vision 2025 Breakthrough Strategy of ‘being a catalyst for positive change, creating new realities and fulfilling dreams, we are excited to welcome on board O&L Nexentury as we continue unlocking and maximising synergies and value for renewable energy and long-term sustainable business for both the group and our external customers. This exciting, new partnership is a big leap in the O&L Group’s quest of venturing beyond borders.
The projects successfully completed by O&L Energy and its partners have proven that we can compete with the best in the world and therefore it is time to take this Namibian business to the world.” Rollie Armstrong and Steffen Kammerer, co-founders and directors of O&L Nexentury GmbH, said: “We are thrilled to officially be part of the O&L family after many successful years as partners as we inaugurate our next century by building a future together that enhances life and grows a profitable and long-term sustainable business. With this merger, the two companies have aligned their renewable energy and sustainable infrastructure business models to expand development and asset aggregation throughout Africa and into Europe. Capitalised with the O&L Group’s rich Namibian history, its corporate culture and financial muscle and combined with what was Cronimet’s project development expertise, team diversity and track record, the new O&L Nexentury is set to be a major international force.”
Gunni Hanke, O&L Group Chief Operations Officer and Bernd Walbaum, Director of O&L Nexentury GmbH, noted:
“With this merger the O&L Energy Business enters into a new and very exciting era. By building an international business in Namibia, Africa and Europe, we follow the O&L purpose ‘Creating a future, enhancing life.”
With annual revenues of over N$5 billion, O&L is a major contributor to state coffers and is in the position of being a significant contributor to GDP in Namibia.
O&L Nexentury GmbH is a German-based renewable energy company that develops, builds, finances, owns and operates utility scale solar PV power plants across sub-Saharan Africa. In just a few years, O&L Nexentury GmbH has become one of the leading solar photovoltaic developers and independent power producers in southern Africa, with operating PV plants and projects under development in Botswana, South Africa, Mozambique, Namibia, Zambia and several other African countries.
To date, Nexentury has completed, is constructing, was awarded or has achieved pre-financial close on 11 African projects representing more than 40 MW of power, and has a development pipeline consisting more than 500 MW of utility scale PV and PV-Energy Storage project throughout Africa and Europe.