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In March 2018, Proparco allocated a EUR 37million guarantee to South African bank Standard Bank to cover its loan to finance the construction of a 37 MW photovoltaic farm in Namibia. A little more than a year after, the solar power plant, located near the city of Mariental in the Hardap region, has just been inaugurated this morning, in the presence of the Minister of Energy and representatives of Proparco, Alten Renewable Energy, which developed the project, Standard Bank and the national utility, NamPower.Diabira.

“The guarantee allocated by Proparco was particularly innovative, with part of the risk covered increasing over time, and had thereby allowed the bank to extend the maturity of its financing in local currency. It also illustrated our continued commitment to the development of renewable energies in Africa”, Siby Diabira, Proparco’s representative for Southern Africa and the Indian Ocean, said today at the opening ceremony.

The Hardap power plant is the 1st large-scale power plant in Namibia, a country which suffers from a major power generation deficit but which has a still largely unexploited potential. Namibia consequently imports over 60% of the electricity it consumes, in particular from South Africa. 
“By covering nearly 5% of the country's annual energy demand,  the Hardap Solar Plant will enable Namibia to reduce its energy dependence and provide access to a low-carbon and affordable source of electricity for more than 70,000 people”, concludes Siby