By Business Reporter
THE Development Bank of Namibia (DBN) has announced that it has provided finance for another solar generation facility, Osona Sun Energy, located near Okahandja. The plant, nearing completion, has a capacity of 4,5 MW.
The plant will operate in terms of a power purchase agreement (PPA) with NamPower. It was developed by InnoSun, who constructed the Omburu photovoltaic park, and is owned by a consortium of investors comprised of InnoSun, father and son team Grégoire and Thomas Verhaege who established InnoSun; and Black Diamond Investments, a local BEE group, which holds a 30 percent share in the company.
Talking about the establishment of InnoSun, DBN head of lending, John Mbango, says that InnoSun and Black Diamond Investments have proven to be skilled and trustworthy partners for finance. The bank, he says, closely considers the track record of applicants, and the fact that establishment of the Omburu photovoltaic plant proceeded smoothly and has shown its operational capacity, gave DBN confidence. Mbango went on to say that the bank welcomes additional applications from enterprises that have used DBN finance to good effect. This open door policy, he says, encourages reinvestment of profits in related or other areas on the part of enterprises that have proven their ability to prosper, and contribute to Namibia’s economic growth.
Talking about solar energy in Namibia, Mbango says that on the basis of the photovoltaic projects, DBN has developed a strong body of knowledge on the business model and technology and skills required for a solar park. He says that the bank will welcome applications from other projects in the same field, as well as other renewables, subject to demand and feasibility of PPAs with NamPower.
On the topic of privately owned utilities, Mbango says that this is an emerging trend in provision of services, along with public private partnerships. He concludes by stating that DBN will consider enterprise finance applications of this nature, but they have to be accompanied by firm commitments from SOEs and / or local authorities acquiring the services of utilities.
Confidente. Lifting the Lid. Copyright © 2015