Alpha Namibia Industries Renewable Energy Power Limited (NMSE:ANE) agreed to acquire a 80% stake in Hopsol Africa (Pty) Ltd. from trustees of HopSol Trust for NAD 56 million on January 8, 2020. The consideration will be paid in cash. The consideration will be funded with the capital raised by ANIREP. In a related transaction, Alpha Namibia Industries Renewable Energy Power Limited (NMSE:ANE) agreed to acquire Hopsol Power Generation. As of August 31, 2019, Hopsol Africa reported NAD 24 million, equity of NAD 17 million. This transaction is subject to resolutions by all parties, approval by Namibian Competition Commission, approval by Bank Windhoek Limited and other financiers/creditors, successful completion of due diligence, approval of transaction by way of resolutions of Board of ANIREP and shareholders of AIREP, shareholder's agreement conclusion, conclusion of HopSol Power Generation share purchase agreement becoming unconditional, conclusion of employment agreement by Hopperdietzel in his position as Managing Director for 3 years. The shareholders meeting will be held on February 28, 2020. The disinterested Directors of the ANIREP Board recommend that Shareholders vote in favour of the resolutions to be proposed at the General Meeting. This transaction is expected to close on February 28, 2020. Ernst & Young (Namibia) acted as accountant, Dr Weder, Kauta & Hoveka acted as legal advisor, Tulive Private Equity (Pty) Ltd acted as financial advisor, Transfer Secretaries (Pty) Ltd acted as transfer agent, Ellis Shilengudwa Inc. acted as legal advisor, SGA Chartered Accountants and Auditors, Deloitte Namibia acted as accountants to ANIREP. Alpha Namibia Industries Renewable Energy Power Limited (NMSE:ANE) completed the acquisition of a 80% stake in Hopsol Africa (Pty) Ltd. from trustees of HopSol Trust on June 22, 2020. All the conditions have been fulfilled including written consent from Bank Windhoek Limited for the acquisition as on March 23, 2020, approval from the Namibian Competition Commission was obtained on February 20, 2020 and satisfactory due diligence results provided to ANIREP.