Enertronica, a company operating in the field of renewable energies, has recently announced that it has completed the acquisition of a 6 MW photovoltaic project in Erongo, Namibia.
The acquisition was made through the purchase of a 70% stake of the special purpose vehicle (SPV) Sertum Energy Namibia Pty Ltd, which owns the rights for the construction, connection and operation of the photovoltaic plant.
The project will be financed by local banks requiring an investment of €7 million (US$7.6 million). The solar farm will sell power to local utility NamPower, the Namibian manager of electrical services, at a price of 1.37 NAD (US$0.090) per kWh thorugh a 25 years power purchase agreement (PPA).
Enertronica will supply its mounting systems, including mono-axial tracking systems, and solar trackers for the project that will be fully operational in 2016.
Norton Rose Fulbright, the multinational law firm, assisted Enertronica in the purchase of 70% of the share capital of Sertum Energy Namibia Pty Ltd.