DBN, Old Mutual Finance UNAM’s N$65m Renewable Energy Roll-out

Inceptus Energy has secured N$65 million financing for the University of Namibia (UNAM) solar project from the Development Bank of Namibia (DBN) and Old Mutual Namibia.

UNAM is installing solar power at all its 12 campuses in the country, as a demonstration of its commitment to sustainability and clean energy. The Renewable Energy Generation Project launched on 28 June last year, which is being implemented by UNAM’s investment arm, Inceptus Holding, in partnership with Alensy Holdings, will provide sustainable, reliable, and cost-effective electricity to all UNAM’s campuses countrywide.

It is envisaged that the project, with a lifespan of at least 25 years and scheduled to be fully completed by August 2024, will save the university up to N$12 million annually in electricity bills, while reducing the University’s carbon footprint by 3,900 tonnes annually. Additionally, the project will reduce the university’s connection capacity from 6, 8 MW to 2, 8 MWp.

With installations already completed at the Windhoek Main Campus and the Hage Geingob Campus also in the capital, it features photovoltaic (PV) solar power generation plants with a total capacity of 3, 4 megawatt peak (MWp). The plants are synchronised with the existing electrical grid, creating a grid-tied system, and battery systems are incorporated to reduce electricity demand peaks.

The use of the University’s rooftop and car parking space for solar panels represents an innovative approach to maximising limited space while maintaining the aesthetically pleasing campus designs.

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 the development bank’s concerted focus towards financing green industrialisation 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 was testament to UNAM’s dedication to sustainability which he hoped would serve as an inspiration for similar initiatives elsewhere.

Read Previous

New Book Explores Namibia’s Water-Energy-Food Nexus

Read Next

Youth Energy Forum Explores Careers and Opportunities for Young Namibians in the Sector

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular