$138.5 M loan approved for Namibia network
NamPower, the national electricity utility, will use the loan as it seeks to wean itself off electricity imports from neighbouring countries.
Image for illustration purposes.
South Africa, Cape Town/Namibia, Windhoek: The World Bank has approved a $138.5 million loan to help Namibia upgrade its transmission network and integrate renewable energy projects into the grid, the bank announced on Tuesday. Namibia is one of Sub-Saharan Africa’s driest countries with plenty of sunshine and wind and it wants to position itself as a renewable energy hub together with large offshore oil and gas finds that have turned the country into a global exploration hotspot.
“Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future,” Satu Kahkonen, World Bank country director for Namibia commented.
NamPower, the national electricity utility, will use the loan as it seeks to wean itself off electricity imports from neighbouring countries. The upgrades will be Namibia’s first World Bank financed energy project. Apart from new solar and wind projects, the country is also pursuing a $10 billion green hydrogen project, which it plans to export to the European Union once completed.
Source: Reuters