World Bank to back renewables integration in Namibia with USD 140m

The World Bank has approved a USD-138.5-million (EUR 128.9m) funding package to Namibia to help the African country enhance its transmission network and connect more renewable energy projects to the grid.

The loan will used by national electricity utility NamPower, the lender said on Monday. The utility will allocate the fresh capital to deploy additional renewable and energy storage capacity as the country aims to lower the volumes of imported power. Specifically, the debt will be distributed in three main categories – for a new Auas-Kokerboom transmission line, a utility-scale battery storage facility, NamPower's second one, and for additional renewable power plants.

“Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future,” said Satu Kahkonen, World Bank Country Director for Namibia.

While it has abundant renewable energy resources, Namibia’s installed renewable energy capacity currently accounts for roughly 30% of its total power generation mix, according to the statement.

(USD 1.0 = EUR 0.930)

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