Anthem

What Anthem does

Anthem is one of South Africa's largest locally-owned Independent Power Producers (IPPs), operating an integrated develop-finance-build-own-operate model across utility-scale wind, solar PV, and run-of-river hydro assets. Formed in 2024 through the strategic integration of African Clean Energy Developments (ACED, founded 2008) and Energy Infrastructure Management Services (EIMS) Africa (founded 2017), Anthem is headquartered in Rondebosch, Cape Town, and currently manages 17 operational projects totalling more than 1.1GW of installed capacity generating 2,400 GWh annually, with 24 projects across five South African provinces and Eswatini. The company's technical asset base spans three renewable energy technologies: seven wind facilities using Vestas, Goldwind, and Suzlon turbines at capacities from 66.6MW to 144MW; ten solar PV facilities using modules from Suntech, Risen, Trina, Jinko, and Tenesol with inverters from ABB, Schneider Electric, Kaco, and Ingeteam at capacities from 10.5MWp to 86.25MWp; and the 14.5MW Lower Magaduza hydropower facility in Eswatini with two Andritz Francis turbines.

Anthem's revenue model is built on long-dated power purchase agreements (PPAs) with two distinct off-taker pools: government off-take through South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), and direct commercial & industrial (C&I) off-take arrangements with large energy users. The integrated platform owns and operates assets across their full lifecycle (land acquisition through decades-long operations), supports this with a 15-person ESG and Social Performance team, and maintains an 11GW+ greenfield pipeline for future development. The asset portfolio exceeds 2GW with the company holding market share above 12.5% in South Africa's renewable energy sector.

The firm is privately held, with the IDEAS Fund (managed by African Infrastructure Investment Managers, AIIM — USD 3.2 billion AUM) as majority shareholder and the Norwegian Investment Fund for Developing Countries (Norfund) and Mahlako Energy Fund as founding investors. A team of 80+ renewable energy specialists with 200+ combined years of management experience is structured across functional heads covering Business Development, Asset Management, Construction, ESG, Site Development, Legal, Operations & Maintenance, and Finance. Recent strategic activity has centred on preparing the portfolio and systems for the April 2026 launch of the South African Wholesale Energy Market (SAWEM), where Anthem is positioned as a Balancing Responsible Party.

Name

Anthem

Legal name

Energy Infrastructure Management Services (Pty) Ltd

Website

https://anthem.co.za

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

101–250 employees

Short description

Anthem is one of South Africa's largest locally-owned Independent Power Producers, developing, financing, building, owning, and operating utility-scale wind, solar PV, and hydro projects sold under long-term power purchase agreements to government (REIPPPP), commercial and industrial off-takers, and Eswatini Electricity Company.

Ownership category

akta.pro rank

Product category

Independent Power Production (Renewable Energy)

NAICS

Electric Power Generation (22111), Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Hydroelectric Power Generation (221111)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Community Solar Development & Subscription Management (EUAMAJAA)

Keywords

• Renewable energy generation
• Independent power producer
• Utility-scale wind power
• Utility-scale solar power
• Power purchase agreements

Headquarters

HQ city

Cape Town

HQ country

South Africa

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Energy Generation Sales: Anthem develops, finances, builds, owns and operates large-scale renewable energy projects. Revenue is generated from selling electricity under long-term power purchase agreements (PPAs) to government off-takers (via the REIPPPP programme) and commercial & industrial (C&I) customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Anthem is an integrated Independent Power Producer that develops, finances, builds, owns and operates large-scale renewable energy projects (wind, solar PV and hydro) in South Africa and Eswatini. The company sells electricity to government off-takers through the REIPPPP programme and to commercial & industrial (C&I) energy users under long-term power purchase agreements, with an asset portfolio of over 2GW and an 11GW+ greenfield pipeline.

Product overview

Anthem is an integrated renewable energy Independent Power Producer (IPP) that develops, finances, builds, owns and operates large-scale renewable energy projects. Its product portfolio consists of three core renewable energy technology categories — Wind (7 projects), Solar PV (10 projects), and Hydro (1 project) — totalling 17 projects across South Africa and Eswatini, with an asset portfolio of over 2GW and more than 11GW of greenfield site pipeline. The Wind portfolio includes facilities ranging from 66.6MW to 144MW using Vestas, Goldwind, and Suzlon turbines. The Solar PV portfolio spans facilities from 10.5MWp to 86.25MWp using modules from Suntech, Risen, Trina, Jinko, and Tenesol, with inverters from ABB, Schneider Electric, Kaco, and Ingeteam. The Hydro portfolio includes the 14.5MW Lower Magaduza run-of-river hydropower scheme in Eswatini. Anthem's integrated service offering covers the full project lifecycle: Holistic Project Development (land acquisition, permitting, and financial close), Tailored Financial Management, Complete Construction Oversight, and Transforming Power Generation (operations and maintenance). Anthem participates in the South African Wholesale Energy Market (SAWEM), a liberalised electricity trading market launching in April 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Umsinde Emoyeni Wind Farm A 144MW C&I off-take wind energy facility comprising 32 Vestas V163-4.5MW wind turbines located approximately 28km northeast of Murraysburg in the Western Cape Province.
• Khangela Emoyeni Wind Farm A 144MW wind energy facility comprising 32 Vestas V163-4.5MW wind turbines located approximately 25km northeast of Murraysburg in the Western Cape Province.
• Ishwati Emoyeni Wind Farm A 144MW C&I off-take wind energy facility comprising 32 Vestas V163-4.5MW wind turbines located approximately 30km northwest of Murraysburg in the Western Cape Province.
• Msenge Emoyeni Wind Farm A 72MW C&I off-take wind energy facility comprising 16 Goldwind GW155-4.5MW turbines located approximately 23km south of Bedford in the Eastern Cape Province.
• Umoya Wind Energy Facility A 66.6MW REIPPPP round one wind energy facility comprising 37 Vestas V100-1.8MW wind turbines located approximately 5km southeast of Hopefield in the Western Cape Province.
• Cookhouse Wind Farm A 138.6MW REIPPPP round one wind energy facility comprising 66 Suzlon S88 2.1MW turbines located approximately 7km east of Cookhouse in the Eastern Cape Province.
• Castle Wind Farm A 96MW C&I off-take wind energy facility comprising 16 Goldwind GW165-6MW turbines located approximately 27km east of De Aar in the Northern Cape Province.
• Lower Magaduza Hydro Power Scheme A 14.5MW Eswatini Electricity Company off-take, run-of-river hydropower facility comprising 2 Andritz 7.25MW Francis turbines located approximately 5km southwest of Sidvokodvo, Eswatini.
• Holistic Project Development Integrated project development service covering early-stage land acquisition, permitting, feasibility, risk evaluation, and financial close for renewable energy projects.
• Tailored Financial Management Sourcing, negotiating and securing debt and equity funding for renewable energy projects, working with lenders and shareholders to optimise project economics.
• Complete Construction Oversight End-to-end construction management including oversight of EPC contractors, civil and electrical balance of plant works, and project delivery on time and on budget.
• Transforming Power Generation (Operations & Maintenance) Long-term owner-operator asset management covering technical, legal, contractual, financial, ESG and local community stakeholder management for renewable energy projects.
• REISA Solar PV An 80.65MWp REIPPPP round 1 solar photovoltaic facility comprising 343,200 Jinko PV modules and 110 Santerno inverters located approximately 17km northwest of Kathu in the Northern Cape Province.
• Waterloo Solar PV An 86.25MWp REIPPPP round 4 solar photovoltaic facility comprising 261,360 Suntech PV modules and 44 ABB inverters located approximately 10km southeast of Vryburg in the Northwest Province.
• Matla A Bokone Solar PV An 86.25MWp REIPPPP round 4 solar photovoltaic facility comprising 261,360 Suntech PV modules and 44 ABB inverters located approximately 20km north of Kimberley in the Northern Cape Province.
• Zeerust Solar PV An 86.25MWp REIPPPP round 4 solar photovoltaic facility comprising 250,080 Risen PV modules and 55 Ingeteam inverters located approximately 1km south of Zeerust in the Northwest Province.
• De Wildt Solar PV A 57.51MWp REIPPPP round 4 solar photovoltaic facility comprising 169,140 Risen PV modules and 14 GPTech inverters located approximately 14km east of Brits in the Northwest Province.
• Bokamoso Solar PV A 78.07MWp REIPPPP round 4 solar photovoltaic facility comprising 236,580 Suntech PV modules and 40 ABB inverters located approximately 18km northeast of Leeudoringstad in the Northwest Province.
• Boikanyo Solar PV A 63.22MWp REIPPPP round 4 solar photovoltaic facility comprising 184,822 Trina PV modules and 24 Gamesa inverters located approximately 60km southwest of Douglas in the Northern Cape Province.
• Herbert Solar PV A 22.06MWp REIPPPP round 1 solar photovoltaic facility comprising 91,908 Tenesol PV modules and 600 Kaco inverters located approximately 7km northeast of Douglas in the Northern Cape Province.
• Vredendal Solar PV A 10.5MWp REIPPPP round 2 solar photovoltaic facility comprising 35,000 ReneSola PV modules and 14 Schneider Electric inverters located approximately 3km north of Vredendal in the Western Cape Province.
• Aurora Solar PV A 10.5MWp REIPPPP round 2 solar photovoltaic facility comprising 35,000 ReneSola PV modules and 14 Schneider Electric inverters located approximately 7km north of Aurora in the Western Cape Province.
• Greefspan Solar PV An 11.03MWp REIPPPP round one solar photovoltaic facility comprising 45,954 Tenesol PV modules and 300 Kaco inverters located approximately 60km southwest of Douglas in the Northern Cape Province.

Quantifiable outcome

• Over 2GW of operational assets generating 2,400 GWh per annum of clean energy
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

13 partnerships are on record, tiered key contractor.

• Vestaskey contractorTechnology or IntegrationWind turbine supplier and installation partner for multiple wind farm projects. Responsible for wind turbine supply and installation at Umsinde Emoyeni (32 Vestas V163-4.5MW turbines), Khangela Emoyeni (32 Vestas V163-4.5MW turbines), Umoya (37 Vestas V100-1.8MW turbines) wind farms.
• Goldwindkey contractorTechnology or IntegrationWind turbine supplier for Msenge Emoyeni (16 Goldwind GW155-4.5MW turbines) and Castle Wind Farm (16 Goldwind GW165-6MW turbines). Responsible for turbine supply and installation.
• Suzlonkey contractorTechnology or IntegrationTurnkey EPC contractor for Cookhouse Wind Farm (138.6 MW, 66 Suzlon S88 2.1MW turbines).
• Juwikey contractorTechnology or IntegrationTurnkey EPC contractor for Waterloo Solar PV, Matla A Bokone Solar PV, Bokamoso Solar PV (all REIPPPP round 4 projects).
• Grupo Cobrakey contractorTechnology or IntegrationTurnkey EPC contractor for Zeerust Solar PV and De Wildt Solar PV (REIPPPP round 4 projects).
• Andritzkey contractorTechnology or IntegrationTurbine supply and installation for Lower Magaduza Hydro Power Scheme (2 Andritz 7.25MW Francis turbines).
• Tenesolkey contractorTechnology or IntegrationTurnkey EPC contractor for Greefspan Solar PV (45,954 Tenesol PV modules, 300 Kaco inverters) and Herbert Solar PV (REIPPPP round one).
• Solaire Directkey contractorTechnology or IntegrationTurnkey EPC contractor for Vredendal Solar PV and Aurora Solar PV (REIPPPP round 2 projects).
• Raubex Infrastructurekey contractorTechnology or IntegrationCivil and electrical balance of plant works for Umsinde Emoyeni, Khangela Emoyeni, and Ishwati Emoyeni wind farms (Northern Cluster).
• CSV Constructionkey contractorTechnology or IntegrationCivil balance of plant works for Northern Cluster wind farms (Umsinde, Khangela, Ishwati Emoyeni); electrical balance of plant for Msenge Emoyeni and Castle Wind Farm.
• Adenco Constructionkey contractorTechnology or IntegrationJoint venture partner for Gamma Main Transmission Substation for Northern Cluster; electrical balance of plant for Msenge Emoyeni and Castle Wind Farm.
• Inyatsikey contractorTechnology or IntegrationCivil balance of plant works for Lower Magaduza Hydro Power Scheme.
• Ampcorkey contractorTechnology or IntegrationElectrical balance of plant works for Lower Magaduza Hydro Power Scheme.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Lekela Power: A pan-African renewable energy IPP focused on utility-scale wind and solar PV projects across South Africa, Egypt, and Senegal. Directly comparable to Anthem in business model (develop, finance, build, own, operate) and target geographies across African grid markets.
• BioTherm Energy: A South African renewable energy IPP operating utility-scale wind and solar PV projects under REIPPPP and C&I PPAs. Directly comparable to Anthem as one of the leading locally-owned IPPs competing in the same South African procurement windows and C&I off-take market.
• Pele Energy Group: A South African black-owned energy company developing and operating renewable energy projects across Southern Africa. Comparable to Anthem as a domestically-owned IPP competing in the same REIPPPP programme and C&I off-take market in South Africa.
• Scatec ASA: A Norwegian renewable energy IPP that develops, builds, owns, and operates solar, wind, and hydro projects across emerging markets including South Africa. Directly comparable to Anthem given its IPP business model, multi-technology portfolio, and active participation in South African REIPPPP bid windows.
• ACWA Power: A Saudi-based developer, owner, and operator of power generation and desalinated water plants, with significant renewable energy (solar, wind) and green hydrogen projects across the Middle East and Africa. Compares to Anthem as a long-tenor PPA-backed IPP expanding into African markets.
• Globeleq: A UK-based power company developing, owning, and operating renewable and thermal generation across Africa. Directly comparable to Anthem in its integrated IPP model and active footprint in Southern African power markets, including South Africa and neighbouring countries.
• Mainstream Renewable Power: A global renewable energy developer and IPP with significant wind and solar PV developments across Africa, Latin America, and Asia-Pacific. Comparable to Anthem as a leading integrated renewable IPP targeting emerging market grid and corporate off-take opportunities.

Emerging players

• RED Cap Energy: A South African renewable energy developer focused on utility-scale wind and solar PV projects under REIPPPP. Comparable to Anthem as a domestic competitor in the South African IPP market, though at a smaller portfolio scale.

Broad incumbents

• ENEL Green Power: A global renewable energy developer and operator with one of the largest operational renewable portfolios in the world. Comparable to Anthem as a multi-technology IPP with presence in African markets, though operating at vastly greater scale and geographic breadth.

Regional players

• EDF Renewables: A global renewable energy developer and IPP with a growing African footprint including South Africa. Comparable to Anthem as a major international renewable IPP operating alongside the same regional off-takers, though headquartered in France with substantially larger global scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Anthem