US$72.6 million secured for financing of 100 MW Solar Project in Namibia
Namibia Power Corp. (NamPower) has secured a NAD 1.3 billion (US$72.6 million) loan from the German state-owned development bank KfW to expand the planned Rosh Pinah project in Namibia from 70 MW to 100 MW.
The loan will cover nearly 80% of the project costs which is NAD 1.6 billion (US$ 89 million), with NamPower funding the remaining 20% from its balance sheet.
The engineering, procurement and construction (EPC) contract worth NAD 1.4 billion (US$ 78 million) for the Rosh Pinah photovoltaic (PV) project was signed between China Jiangxi International Economic and Technical Cooperation and CHINT New Energy Development (Zhejiang). The construction of the plant will take approximately 18 months, with nearly 800 workers on-site at the peak of activity.
