|Industry Segment||Renewable Energy|
|Investment Type||Renewable energy development and indirect project ownership|
|Strategic partner||AE AMD|
LMSC's first investment with Cape Town based developer AE AMD, which developed and invested in the Herbert and Greefspan solar photovoltaic plants successful in the first round of the REIPPP. This investment successfully demonstrated our ability to partner with equity into successful developers capturing development fees and success fee payments as these projects close and progress towards operations. LMSC and Spanish project developer AMDA Energia sold their interests in AE AMD to Old Mutual’s African Infrastructure Investment Managers (AIIM), through its IDEAS fund, and Katiso Renewable Energy in November 2017. The transaction is the first realisation of the LMSC renewable energy investments. LMSC has delivered on its targeted IRR and has proven its business case of realising projects at a premium once construction and early operational risk is substantiality reduced.