NAMIBIA – The Namibian investment company Alpha Namibia Industries Renewable Energy Power (ANIREP) has completed the acquisition of stakes in two solar energy companies in Namibia; an Independent Power Producer (IPP) and an EPC company.
ANIREP will now have a seat on the boards of two companies in Namibia. These are the Independent Power Producer (IPP) Hopsol Power Generation, which owns two solar photovoltaic plants in Namibia with a production capacity of 10 MWp.
The IPP, which is now 70% owned by the ANIREP, has signed 25-year power purchase agreements (PPAs) with the state-owned company NamPower. To become a majority shareholder in this company, ANIREP invested N$88.6 million, more than US$5 million.
According to Iyaloo Nangolo, the managing director of ANIREP, the entry of his company in the capital of Hopsol Power Generation should enable the IPP to extend the production capacity of its two solar power plants to produce an additional 10 MWp.
With an investment of N$56 million (US$3.2 million), the Namibian investment company Alpha Namibia Industries Renewable Energy Power (ANIREP) has, since April 2020, held 80% of the shares in Hopsol Africa (Pty) Ltd, a provider of engineering, procurement and construction (EPC) and operation and maintenance (O&M) services for solar power plants.
In Namibia, the company has an installed capacity of 100 MWp with several solar power plants built across the southern African country.
“Anirep is well positioned to raise the additional capital and project financing that will be required to expand the installed capacity (solar PV), by unlocking a larger allocation of investments (…) based on our sustainable cash flow,” says Iyaloo Nangolo, managing director of ANIREP.
“Concluding these transactions provides ANIREP a sustainable platform from which we will pursue an expansion of the existing grid connected 10 MW solar PV capacity.”
The new investments are also expected to give the finance company “a competitive advantage in the solar energy industry in Namibia”. Based in Windhoek, the company aims to invest in other renewable energy sources such as wind, hydro, geothermal and biogas.
Anirep bought HopSol Power Generation (Pty) Ltd and HopSol Africa to gain a competitive edge on Namibia’s solar power industry.
Approval for the acquisition was granted by regulators, such as NamPower, the Electricity Control Board, and the Namibian Competition Commission between February and March this year.
Anirep can now apply to the Namibian Stock Exchange for a re-classification on their listing.
HopSol Africa is headquartered in Windhoek with two subsidiaries HopSol South Africa and HopSol Zambia.
HopSol Africa was awarded the contract for Namibia’s biggest off-grid solar power by the Ministry of Mines and Energy.
The solar plant was completed in October 2014 at Gam village in the Tsumkwe constituency, Otjozondjupa region.
HopSol was also recently involved in the solar photovoltaic installation at Ohorongo Cement and Maerua Mall in Windhoek.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE
