Financing in place for Namibia solar project

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Financing in place for Namibia solar project

The Development Bank of Namibia (DBN) has provided finance for Namibia’s first large-scale solar power generator, the 4.5 MW Omburu Sun Energy.

The N$84 million finance provided by the DBN will support the development of the project. The total project investment is estimated at about N$120 million (US$10.9 million).

The project will be developed by the French investor InnoSun. It will be located about five kilometres south of Omaruru. The project will involve the development of a 15 hectares park comprising about 30,000 solar panels. Its output will be roughly 11,025 MWh per year, enough to supply 1% of Namibia’s electricity consumption.

InnoSun signed a 25-year power purchase agreement (PPA) with NamPower, the national power utility company of Namibia, in December 2013.

Construction works have already commenced. The new facilities are expected to be operational by March 2015.

The project will reduce NamPower's requirement for fossil fuels. It also aims to create a receptive environment for private power generation investment in the country.

According to the Minister of Mines and Energy, Isak Katali:

Other investors just talk but nothing happens. InnoSun came to my office twice to discuss their plans and then to invite me to the groundbreaking ceremony. It’s happening. That is what government supports, and we will continue to support InnoSun because they have realised their plans.

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