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NEWS

Namibia: ANIREP becomes majority shareholder in 2 solar energy companies

CategoryStories
CountryNamibia
TagsEnergy Access, Finance and Investment, Renewable Energy

The Namibian investment company Alpha Namibia Industries Renewable Energy Power (ANIREP) has recently completed the acquisition of stakes in two solar energy companies in Namibia; an Independent Power Producer (IPP) and an EPC company.

The Namibian investment company Alpha Namibia Industries Renewable Energy Power (ANIREP) will now have a seat on the boards of two companies in Namibia. These are the Independent Power Producer (IPP) Hopsol Power Generation, which owns two solar photovoltaic plants in Namibia with a production capacity of 10 MWp.

The IPP, which is now 70% owned by the ANIREP, has signed 25-year power purchase agreements (PPAs) with the state-owned company NamPower. To become a majority shareholder in this company, ANIREP invested N$88.6 million, more than US$5 million. According to Iyaloo Nangolo, the managing director of ANIREP, the entry of his company in the capital of Hopsol Power Generation should enable the IPP to extend the production capacity of its two solar power plants to produce an additional 10 MWp.

With an investment of N$56 million (US$3.2 million), the Namibian investment company Alpha Namibia Industries Renewable Energy Power (ANIREP) has, since April 2020, held 80% of the shares in Hopsol Africa (Pty) Ltd, a provider of engineering, procurement and construction (EPC) and operation and maintenance (O&M) services for solar power plants. In Namibia, the company has an installed capacity of 100 MWp with several solar power plants built across the southern African country.

“Anirep is well positioned to raise the additional capital and project financing that will be required to expand the installed capacity (solar PV), by unlocking a larger allocation of investments (…) based on our sustainable cash flow,” says Iyaloo Nangolo, managing director of ANIREP.

The new investments are also expected to give the finance company “a competitive advantage in the solar energy industry in Namibia”. Based in Windhoek, the company aims to invest in other renewable energy sources such as wind, hydro, geothermal and biogas.