NamPower to invest over $500 million in power projects
Namibia’s power utility NamPower is set to invest $575 million in power generation and transmission projects over the next three years.
According to finance Minister Ipumbu Shiimi, the investment would boost the provision of affordable and reliable domestic power generation and improve the balance of payments.
“Nampower is rolling out investment in energy generation and transmission, particularly solar and wind power generation over the next five years, with investment of about 10 billion Namibian dollars over the next three years,” said the minister while presenting his maiden US $4.1 billion budget speech in parliament.
The power sector in Namibia has undertaken several reforms aimed at attracting Independent Power Producers (IPPs) by providing a stable investment environment including the consolidation of more than 70 distributors into five regional electricity distribution companies (REDs), as well as the establishment of transparent tariff setting procedures, all overseen by the sector regulator, the Electricity Control Board (ECB).
While the country’s generation mix is comprised primarily of hydropower, the majority of electricity is imported (about 60% of the total electrical energy requirement), primarily through bilateral contracts from South Africa’s Eskom and to a lesser extent, the Southern Africa Power Pool (SAPP).
Source: Construction Review Online
Photo (for illustrative purposes): Power Lines / jplenio / Pixabay / Free for commercial use
LinkedIn Partner
