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Home - Finance - Namibian utility secures financing for 100 MW of solar energy – SPE
Finance

Namibian utility secures financing for 100 MW of solar energy – SPE

solarenergyBy solarenergySeptember 10, 2024No Comments2 Mins Read
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Namibia Power Corp. (NamPower) has received a loan from German state development bank KfW to expand the planned Rosh Pinah project in Namibia from 70 MW to 100 MW. The NAD 1.3 billion ($72.6 million) loan will cover 80% of the cost of the solar project.

September 10, 2024 Lior Kahana

State-owned NamPower has expanded the capacity of its Rosh Pinah solar project in Namibia from 70 MW to 100 MW. Once operational, it will be the largest solar park in the country. Rosh Pinah is a mining town in the southern part of the country.

“The site is close to the existing Namibian electricity grid and will therefore avoid additional investment costs for new transmission or other supporting infrastructure,” the company explains. “It will benefit from the excellent solar energy generation conditions in the area.”

NamPower announced the Rosh Pinah project in July 2023 and plans to expand it with a NAD 1.3 billion loan from KfW, Germany’s state-owned development bank. The loan will cover almost 80% of the costs, while NamPower will finance the remaining 20% ​​from its own balance sheet.

“It is a partnership for sustainability, progress and environmental stewardship,” said NamPower Managing Director Kahenge Haulofu. “Together we are making a statement that economic growth and environmental responsibility are not mutually exclusive.”

In 2021, just over half of Namibia’s 2.53 million residents had access to electricity, with 38% of the country’s energy coming from renewable energy sources, mainly bioenergy at 76%, according to the International Renewable Energy Agency (IRENA). The latest statistics show that Namibia added no new PV capacity last year, leaving the cumulative installed solar capacity at 170 MW as of 2022.

See also  Fifth Contracts for Difference round drives UK solar energy forward

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