The Development Bank of Namibia (DBN) has so far invested N$400 million in renewable energy projects, the lender revealed this week.
The latest solar project funded by the bank is the 5 MW SunEQ, which will supply solar energy to Ohorongo Cement near Otavi. The project is expected to cost N$100 million.
DBN has also provided funding to Ombepo Wind Farm, Omburu Solar Plant, Osona Sun Energy, Arandis Solar Energy, Camelthorn Business Ventures and SunEQ.
“These have a combined output of more than 30 MW. The value of the approvals is in excess of N$440 million,” DBN Head of Marketing and Corporate Communication, Jerome Mutumba, said.
This comes as government is encouraging the private sector to invest in renewable energy to help reduce reliance on imports from South Africa, Zambia and Zimbabwe.
Recently launched renewable projects include Omburu solar park (4.5MW), Osona solar park (5MW) and Aussenkehr solar park (5MW) by InnoSun as well as the Karibib solar plant, Arandis solar and the Grootfontein power plant.
In April, Mines and Energy Minister, Tom Alweendo, said government has already approved the National Renewable Energy Policy, the National Energy Policy and is in the process of finalising the Independent Power Producers (IPP) Policy, all aimed at encouraging investment in Namibia’s renewable energy sector and the development of clean, green energy for Namibia.
According to government, by 2022, Namibia should have a sustainable mix of locally generated energy capacity of 755 MW to support household and industry development, up from the current 489 MW installed capacity.