Namibian utility secures financing for 100 MW of solar
Summary
Rosh Pinah is a mining town in the southern part of the country.The site lies near the existing Namibian power grid and will thus avoid additional investment costs for new transmission or other enabling infrastructure, the company explained. It will harness the excellent conditions for solar energy power generation 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, Germanys state-owned development bank. The loan will cover nearly 80% of the costs, with NamPower funding the remaining 20% from its own balance sheet.Its a collaboration 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 Namibias 2.53 million people had access to electricity, with 38% of the countrys energy coming from renewables, primarily bioenergy at 76%, according to the International Renewable Energy Agency (IRENA). Its latest statistics show that Namibia added no new PV capacity last year, leaving its cumulative installed solar capacity at 170 MW as of 2022.