Standard Bank finances renewable energy plant
Standard Bank has set the trend in becoming the first commercial bank to finance a multi-million dollar solar power generation in the country.
The N$170-million term loan facility came after Standard Bank signed the deal with HopSol Power Generation last month.
“This is definitely a signature deal for Standard Bank and we are proud to be partners and associated with this impeccable achievement by being the first commercial financial institution to finance a solar park in Namibia. As a Bank we are committed to the renewable initiative in our country in pursuit of self-sufficient and security of supply, back by a dedicated power sector focus with unsurpassed expertise. We are committed to sustainability through growth and developing Namibia’s natural resources by supporting renewable power initiatives” said Standard Bank’s Head of Commercial Property Finance Manus Grobler.
As the single largest market player in Namibia in terms of Solar PV installations and operation as well as its entrepreneurial enterprise in signing the first Power Purchase Agreement under the embedded generation guidelines in Namibia, HopSol has commissioned the largest Solar PV plant (5.6 MW) in Otjiwarongo, Namibia in November 2015.
“The partnership and engagement was efficient, highly professional and very positive. Standard Bank’s team gave us the necessary support we were looking for in this business venture and we managed to reach a common understanding very quickly,” said Chief Executive Officer of HopSol Power Generation Dr Robert Hopperdietzel.
He noted that this was just the start of the first out of 8 such projects in the country. “We are looking for a long term partnership of N$800-million finance over a period of 3 to 4 years for our solar plants in the country. Commissioning for this facility already started during the last week of November 2015 and the project was already up and running by the 24th of that month. So there is a lot more business we can do together”.