Norfund and Mahlako Financial Services investment in Anthem (merger of 20+ renewable IPP assets under the IDEAS Fund) – Catalyst PE Deal of the Year 2025
- Value
- US$86m
- Date
- 9 October 2026
- Transaction type
- Equity Financing, Merger, Private Equity
- Practice area
- Mergers and Acquisitions, Private Equity and Venture Capital
- Sector
- Power and Renewables
- Jurisdiction
- South Africa
- Client
- Norfund; Mahlako Financial Services
Summary
Norfund and Mahlako Financial Services investment in Anthem (merger of 20+ renewable IPP assets under the IDEAS Fund) – Catalyst PE Deal of the Year 2025. Value as disclosed: 86,000,000 USD.
2.7GW secured capacity; value not disclosed in the source. Winner, Private Equity Deal of the Year 2025 (Catalyst / DealMakers SA): Anthem created by integrating African Clean Energy Developments (ACED) and EIMS Africa under the IDEAS Fund (AIIM/OMAI) – merger of 20+ assets and companies under one brand and structure, launched September 2025 with R4.2bn equity commitments; Norfund and Mahlako Energy Fund are founding investors; Local Advisers: Standard Chartered Bank, Flamingo Capital Partners, Cliffe Dekker Hofmeyr, Fasken, Webber Wentzel, PwC, EY, Kuungana Advisory, ARUP, SLR Zutari, F1F9, TNEI, ABL Group and Harmattan Renewables. DealMakers SA Q3 2025 quarterly table records the transaction as a disposal by African Infrastructure Investment Managers (Old Mutual) of its stake in Anthem to Norfund and Mahlako Energy Fund at an estimated US$86m, dated 22 September 2025 (advisers: Flamingo Capital, Standard Chartered Bank, Cliffe Dekker Hofmeyr, PwC).
Why it matters
Major (USD 100m-1bn or award-winning)
Scope of legal work
Cliffe Dekker Hofmeyr; Webber Wentzel; Fasken
Advisers
Other parties
Norfund; Mahlako Financial Services (acquirer or client); AIIM IDEAS Fund (counterparty or seller)
Other advisers
Standard Chartered Bank; Flamingo Capital Partners; PwC; EY; Standard Chartered Bank; Flamingo Capital Partners; PwC; EY; Kuungana Advisory
Sources
Compiled by Meridian from the public announcements and filings listed under Sources.
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