FOCUS Old Mutual: doing
FOCUS Old Mutual: doing great things in the Free State Old Mutual has invested in housing, renewable energy, education and more in the Free State. Kevin de Beer, Old Mutual Free State Provincial Management Board Chairperson Crystal Park – Old Mutual investing in affordable housing. Thousands of affordable homes, roads and railways, renewable-energy projects, investment in education, support for the needy and vulnerable, and capital expenditure on projects that benefit communities are just some of the initiatives in which Old Mutual is involved in the Free State. “Enabling positive futures is what our business is all about,“ says Kevin de Beer, Old Mutual Free State Provincial Management Board Chairperson, “and we’re immensely proud of the positive long-term and beneficial impacts we’re making in this wonderful province.” To date, the Housing Impact Fund South Africa (HIFSA), managed by Old Mutual Investment Group boutique, Old Mutual Alternative Investments, has invested R9-billion in the planned development of 2 550 affordable homes for sale and rent in the province. These comprise 2 208 greenfield housing units, 105 rental units and 237 units for student accommodation. Crystal Park and Raceway Park in Bloemfontein are just two of these projects. HIFSA also provides housing loans and rental accommodation for families and students, and aims to help fill the gap in the market between government-provided housing and those who have access to bank finance to purchase their own homes. Old Mutual Investment Group has committed close to R30-billion in areas that specifically drive long-term inclusive economic growth, such as education, affordable housing, lowcarbon energy, agriculture and infrastructure in South Africa. The Infrastructural, Developmental and Environmental Assets (IDEAS) Managed Fund, managed by Old Mutual Alternative Investments, is made available to institutional investors who wish to invest in economic infrastructure such as roads and railways, social infrastructure including housing and public-private partnerships, and renewable energy like solar, wind FREE STATE BUSINESS 2017 36
FOCUS and hydro-generation projects. Old Mutual Investment Group participates in the government’s Renewable Energy Independent Power Producer Procurement Programme via a number of its investment boutiques, namely Old Mutual Alternative Investments, African Infrastructure Investment Managers (AIIM), Futuregrowth Asset Management and Old Mutual Specialised Finance. Through these boutiques Old Mutual Investment Group has invested about R14-billion in over 30 renewable-energy projects. Two of these have been recognised as being in the global top 15 largest plants measured in capacity: the Lesedi solar-power plant in the Northern Cape and the Letsatsi solar-power project in the Free State. The Letsatsi project has generated many spinoffs for the local community, including 60 permanent jobs and 700 peak seasonal jobs. The project has also enabled the provision of prefab classroom facilities at four preschools (three in Dealesville and one in Soutpan), and soup kitchens at Kgololosego School and Lapologang old-age home in Mangaung township; and assisted with renovations of the Itereleng elderly luncheon club. Both these solar-power projects will also set aside a considerable percentage of total product revenues over their lifetimes, which will be directly invested in enterprise and socioeconomic development programmes for the surrounding local communities. In 2013, the Old Mutual Education Flagship Project The Letsatsi solar-power project in the Free State. (OMEFP) was launched. This seven-year multi-partner nationaleducation initiative will invest R350-million in a set of under-performing government schools in 10 school circuits in key provinces. The goal is to positively influence the lives of 250 000 learners at 250 schools, with the aim to increase the number of bachelor passes (university entrance) among Grade 12 learners who have both maths and science 37 FREE STATE BUSINESS 2017
