Billions needed for power projects

NAMPOWER yesterday listed on the local and South African bond markets yesterday in an effort to raise N$3 billion to finance its most urgent power inter-connector project, a 970-kilometre link to Zambia, which is to cost N$2,4 billion.

Other power projects in the future are also to benefit from the bond issue. NedCapital of Namibia, the financial company PointBreak of Windhoek and Rand Merchant Bank (RMB) played a key role in preparing for the event.”It takes two to three years of preparations for such an exercise until the traditional ringing of the bell can be done,” said Allen Jones, Listings Manager of the Bond Exchange of South Africa (Besa) at the occasion.According to NamPower Managing Director Paulinus Shilamba, his company had embarked on a five year-strategic plan requiring N$9 billion for investments in the electricity supply.”The Namibian Government has committed to inject N$1 billion in support off this plan.””Construction of the Caprivi power link will start shortly after we announce who has won the tender next month,” Shilamba added.”The project will be completed in 2009.NamPower will then be able to import 100 megawatt of electricity from Zambia, which will make Namibia less dependent on imports from one single country (South Africa) and address eventual power shortages that might be experienced during peak requirements.”After the listing ceremony, representatives from NamPower, the Ministry of Mines and Energy and the Namibia Stock Exchange flew to Johannesburg, South Africa, to launch the bond issue there on the same day.NedCapital of Namibia, the financial company PointBreak of Windhoek and Rand Merchant Bank (RMB) played a key role in preparing for the event.”It takes two to three years of preparations for such an exercise until the traditional ringing of the bell can be done,” said Allen Jones, Listings Manager of the Bond Exchange of South Africa (Besa) at the occasion.According to NamPower Managing Director Paulinus Shilamba, his company had embarked on a five year-strategic plan requiring N$9 billion for investments in the electricity supply.”The Namibian Government has committed to inject N$1 billion in support off this plan.””Construction of the Caprivi power link will start shortly after we announce who has won the tender next month,” Shilamba added.”The project will be completed in 2009.NamPower will then be able to import 100 megawatt of electricity from Zambia, which will make Namibia less dependent on imports from one single country (South Africa) and address eventual power shortages that might be experienced during peak requirements.”After the listing ceremony, representatives from NamPower, the Ministry of Mines and Energy and the Namibia Stock Exchange flew to Johannesburg, South Africa, to launch the bond issue there on the same day.