Solar project worth N$65m on the cards

The University of Namibia (Unam) solar project has secured financing of N$65 million from the Development Bank of Namibia and Old Mutual.

The solar project is a joint venture between Alensy Energy Solutions and Inceptus Holding (Inceptus Energy).

The project is set to boost sustainable energy utilisation in Namibia with a 3,68 MW solar PV capacity and a 657 kVA peak shaving solution.

DBN head of investments Hellen Amupolo says the bank is focused on financing green industrialisation and infrastructure development.

“This initiative represents the bank’s comprehensive approach to renewable energy development, combining financial support, private and public collaboration, and a commitment to both environmental and economic sustainability,” she says.

The project commenced in the second quarter of 2023 and remains on track for completion by the end of the first quarter of this year.

According to Old Mutual’s head of alternative investments Christoff Bauernschmitt, beyond its environmental impact, the project holds significant economic promise for Namibia.

“Investing in renewable energy projects like this is not only beneficial for the environment, but also for our economy,” Bauernschmitt notes.

He says the project aligns with Old Mutual’s commitment to sustainable development.

Alensy chief executive Norbert Dörgeloh says the project exemplifies the synergy between the public and private sectors in driving renewable energy objectives forward.

“Together with our partners, we are driving positive change and creating a brighter future for Namibia,” he says.

Inceptus chief executive Evaristus Evaristus says the project’s role is testament to the university’s dedication to sustainability, and he hopes it will serve as an inspiration for similar initiatives elsewhere.

Unam’s vice chancellor, Kenneth Matengu, says the project plays a role in downsizing the university’s dependence on non-renewable energy, reducing energy expenses and generating savings.

He says as the project nears completion, Inceptus Energy remains steadfast in its commitment to sustainable energy solutions, anticipating positive impacts on Unam, Namibia and beyond.

Inceptus Energy is a public-private partnership between Alensy Energy Solutions (Alensy) and Inceptus Holding (Inceptus), Unam’s business arm.

Financial services company IJG arranged both debt and equity for the transaction.

“IJG’s expertise and commitment were instrumental in facilitating the financing and ensuring the project’s successful execution.

“We are proud to support initiatives that drive sustainable development and contribute to Namibia’s energy transition,” says IJG Capital managing director Jakob de Klerk.