WesBank to Finance Renewable Energy Technologies

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By Staff Reporter

WINDHOEK

WesBank Vehicle and Asset Finance, a business unit of FNB Namibia has joined other financial institutions to finance renewable energy technologies in face of the looming national energy crisis.

WesBank is offering FNB customers and the general public financing for alternative energy solutions.

Elmarie Cilliers, Head of WesBank said that her business unit understands the need for reliable energy sources, be it at home, on a farm, a corporate business, small-and-medium enterprise or even oil companies.

“That’s why Wes-Bank is ready to finance solar panels and generators to manage unexpected power outages, which can pose serious challenges for the growth of the Namibian economy,” she said. Cilliers said employees of WesBank Branches in Windhoek and Walvis Bay, supported by any FNB Branch countrywide were on standby to assist FNB customers and the general public with applications to invest in alternative energy solutions.

The Head of WesBank cautioned that fears of crippling power outages in Namibia are setting in, following Eskom’s announcement in January that it would halt its power exports to its neighbouring countries including Namibia because of its inability to meet the growing demand in South Africa.

NamPower warned of forced load shedding and time-of-use tariffs for electricity usage at peak times, urging Namibians to save up to 20 percent of their electricity usage whether they are private households, municipalities or large consumers like mining companies.

President Hifikepunye Pohamba at the opening of Cabinet also added his voice to calls urging Namibians to turn to renewable energies. He encouraged Namibians to make use of solar power technology to provide sustainable power for homes, schools and businesses.

“Amid a looming electricity shortage, the usage and advantage of renewable energies is gaining momentum in Namibia.

“It is against this background that we at WesBank, continuously strive to ensure that we provide financing for homes, business owners to farmers – the best possible finance options and services when Namibians need it most,” Cilliers stated.

She advised that “whether the customer opted for solar energy or a generator, WesBank offers various financing options varying from an instalment sale to lease or rental agreements.

Cilliers added that interest rates would be negotiable and could either be fixed for the full period of the agreement or be variable.

“This means that the interest rate applicable to the agreement will fluctuate with the prime overdraft rate,” said the head of WesBank.

While WesBank has branches only in Windhoek and Walvis Bay, financing can also be arranged through any of the 32 branches of FNB counrywide to make financing available to all Namibians Potential customers can also be assisted with a list of solar dealers and installation companies, as well as generator dealers to further put them on their way in embracing renewable energies and overcoming possible power outages.

Should a longer loan term be required, she said, “there is always the option of an FNB Re-Advance or Further Bond from FNB’s Home Loans”.

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