In a bid to fortify Namibia's transmission network and facilitate the integration of more renewable energy projects into its grid, the World Bank has sanctioned a funding package amounting to USD 138.5 million (EUR 128.9 million) for the African nation.
The loan, earmarked for national electricity utility NamPower, signifies a pivotal step towards enhancing the country's renewable energy capacity and reducing dependence on imported power, as articulated by the lender on Monday. The capital infusion will be channeled towards various initiatives, including the construction of a new Auas-Kokerboom transmission line, the establishment of a utility-scale battery storage facility – NamPower's second such venture, and the development of additional renewable power plants.
Satu Kahkonen, World Bank Country Director for Namibia, remarked, “Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future.”
Despite its rich renewable energy resources, Namibia's installed renewable energy capacity presently contributes only approximately 30% to its total power generation mix, according to official statements.
