Alten Energías Renovables subsidiary Alten Africa has achieved financial closure for the photovoltaic (PV) solar power plant in Namibia.
Estimated to meet 3% energy needs of the country, the 45MW plant is said to be the biggest in Sub-Saharan Africa.
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Financial closure has been achieved with the support of South Africa’s Standard Bank and Proparco, a subsidiary of French development firm Agence Française de Développement.
The two organisations have agreed to offer $50m for the solar project.
Alten Energías Renovables executive president Juan Laso said: “This achievement builds on the solid commitment being made by ALTEN Energías Renovables to Sub-Saharan Africa.
“We expect to have excellent results over the next few years, thanks to the support of Inspired Evolution, which gives ALTEN Africa a specialist partner with a team that has experience in the regional market and a track record of close to 1GW, in clean energy infrastructure investments.”
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By GlobalDataIn addition to Alten Africa, the country’s state-owned electricity company NamPower and the local investors, including First Place, Mangrove and Talyeni, will be part of the project.
Located in the Hardap region, the new plant will be built on 100ha of land and will feature 140,000 crystalline silicon panels mounted on solar trackers.
Upon starting commercial operations in September, the solar project is expected to generate nearly 112GW of clean electricity, which will be uploaded onto Namibia’s national grid.
The energy generated by the solar plant will be enough to support annual electricity needs of more than 70,000 Namibians.
The plant is also expected to reduce 33,000mt of carbon emissions.
Alten Africa CEO Luis Castellanos said: “We will be proud to work with NamPower and our local partners on this challenge and we are sure that, in a question of months, it will demonstrate the enormous potential of PV technology to meet the area’s energy needs.”
