GCPF HELP REDUCING NAMIBIA’S DEPENDANCE ON ELECTRICITY IMPORT
With an average of 10 hours of sunlight per day, Namibia has some of the best solar resources in the world. Until recently, however, this potential has gone largely unexploited. As much as 40% of the rural population lacks access to energy and Namibia currently imports 60% of the power it uses from neighboring countries.
ENHANCING ENERGY SECURITY
In 2014, the country had launched its first interim Renewable Energy Feed-In Tariff (REFIT) programme, followed in 2017 by the construction of a 5 MW Rosh Pinah project developed by AEE Power Ventures. Since 2017, GCPF and RMB Namibia, a division of the Investment bank First National Bank of Namibia Limited work together to finance and promote the development of Namibia’s renewable energy capacity.
Philippe Flamand, Senior Investment Officer for the GCPF, stated:
“The innovative financing solution with RMB is the first of its kind in the Namibian context and has allowed us to effectively bring long-term non-recourse project finance to a thriving solar sector. We are excited to have supported AEE in this first project and we look forward to partnering with the sector in Namibia going forward.”
“The financing solution prepared by RMB, GCPF and AEE Power Ventures allows the utilities company to buy power in its local currency without being exposed to external currency fluctuations.”
AEE Power Ventures, Francisco Lopez, Managing Director
“We are proud to contribute to energy security in Namibia, which is highly dependent on electricity imports, and to help drive community empowerment and development in the Karas Region.”
Miguel Zaldivar, Southern Africa Regional Manager
“There is enormous potential for renewable energy in Namibia, as the country has one of the best solar resources in the world.”
Matthias Langheld, Senior IBD Transactor, RMB Namibia
First Namibian interim Renewable Feed-In Tariff programme
Construction of 5 MW Rosh Pinah project by AEE Power Ventures