Inceptus Energy has secured financing for the University of Namibia (UNAM) N$65 million solar project from the Development Bank of Namibia (DBN) and Old Mutual Namibia.
The project, whose construction commenced in Quarter 2 of 2023 and is on track for completion by the end of Quarter 1, 2024, boasts an installed solar PV capacity of 3.68 MW along with a 657 kVA peak shaving solution. It is expected to provide sustainable, reliable, and cost-effective electricity to UNAM’s 12 campuses, while saving N$12 million annually.
“As a leading investor, developer, contractor, and ecosystem player in Namibia’s renewable energy sector, we are proud to contribute to this innovative project. Together with our partners, we are driving positive change and creating a brighter future for Namibia,” said Alensy CEO Norbert Dörgeloh.
Christoff Bauernschmitt, Head of Alternative Investments at Old Mutual, said the project, besides environmental benefits, holds significant economic promise for Namibia.
“Investing in renewable energy projects like this is not only beneficial for the environment but also for our economy. We are thrilled to be part of this initiative that aligns with our commitment to sustainable development,” he said.
Hellen Amupolo, Head of Investments at DBN, said financing of the project represents DBN’s concerted focus towards financing green industrialization and infrastructure development in a sustainable manner.
“By supporting renewable energy initiatives, we are not only fostering job creation but also cementing the groundwork for a green and industrialized Namibia,” she said.
Evaristus Evaristus, CEO of Inceptus, said the project’s role is a testament to the University’s dedication to sustainability, hoping it will serve as an inspiration for similar initiatives elsewhere.
UNAM’s Vice Chancellor, Prof Kenneth Matengu, highlighted that the investment in the renewable energy plant not only supports downsizing the University’s dependence on non-renewable energy but also plays a significant part in reducing energy expenses, thereby generating savings.
IJG were the arrangers of both debt and equity for the transaction.
“IJG’s expertise and commitment were instrumental in facilitating the financing and ensuring the project’s successful execution. We are proud to support initiatives that drive sustainable development and contribute to Namibia’s energy transition,” said Jakob de Klerk, Managing Director at IJG Capital.
Inceptus Energy is a public-private partnership between Alensy Energy Solutions (Alensy) and Inceptus Holding (Inceptus), the business arm of the University of Namibia.
The solar plants have an expected lifetime of more than 25 years.
