The guarantee, which allows for increased coverage over time, allows Standard Bank to extend the maturity of its financing in local currency. Such a mechanism is testament to Proparco’s ability to develop innovative financial products tailored to the needs of the private sector for the financing of renewable energy infrastructure.
A new milestone towards the harnessing of Namibia’s renewable energy potential
This power plant, located near the town of Mariental in the region of Hardap, will be the first large-scale solar farm in Namibia. With significant potential for renewable energy production, the country, had developed so far 5MW photovoltaic power plants.
Amounting to nearly 8% of the total installed capacity in the country, this power plant will allow Namibia to reduce its energy dependency by producing clean and affordable energy.
A major commitment to the development of renewable energy
This guarantee further demonstrates Proparco’s commitment to the development of renewable energy in emerging or developing countries. Over the last few months, Proparco has contributed to the financing of the construction of the world’s largest solar complex in Egypt, to the financing of Brazil’s second largest photovoltaic power plant and to the construction of Senegal’s Senergy and Ten Merina solar farms, which were inaugurated last year by Senegal’s Prime Minister Mahammed Boun Abdallah Dionne.
Proparco participates in the financing of #Namibia ’s first large-scale #solar power plant: a €37 million guarantee to Standard Bank to finance the construction of a 37 MW power plant, nearly 8% of the total installed capacity #RenewableEnergy ? https://t.co/ISuuHDa4Kb pic.twitter.com/fpAq32Pe2p— Proparco (@Proparco) 16 mars 2018