SunEQ Namibia announces financial close for 5 MW of PV

25 June 2018

SunEQ GmbH, a Hamburg-based solar asset development platform, said early this week it has reached financial close for a 5-MW solar photovoltaic (PV) project in Namibia.

The plant will be built in the Otjozondjupa region for Ohorongo Cement, the largest cement factory in the African country.The Development Bank of Namibia (DBN) has helped SunEQ secure financing.Namibia Infrastructure Finance Ltd (NIFCO), an unlisted infrastructure investment company established and managed by IJG Capital (Pty) Ltd and Old Mutual Investment Group (Namibia) (Pty) Ltd, has a 60% stake in the solar project, while Hungileni Investment, a firm majority-owned by female previously disadvantaged Namibian (PDN) shareholders controls 30%. This leaves 10% for SunEQ, which is a sister company of German solar consulting company Suntrace GmbH.

The solar farm, whose capacity in direct current (DC) stands at 6.5 MW, will have about 20,000 crystalline silicon modules and will use a tracking system. Gildemeister Energy Solutions GmbH is co-developer and engineering, procurement and construction (EPC) contractor. Commercial operation is to start at the end of the current month. SunEQ said the annual output is estimated at 14 GWh.

“There is a lot of potential in these types of project in Africa and we can now build on this reference and pursue further opportunities of similar type,” said Boris Westphal, managing director of Suntrace, which is pursuing a pipeline of solar projects on the continent.

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