By Petronella Sibeene
NamPower will need about N$10 billion in the next five years to boost its efforts to counter acute power shortages in the country.
Namibia is facing a critical energy crisis as South Africa, Namibia’s main power supplier, early this year announced it could no longer feed its trading partners regularly due to a rise in local power demand.
Nampower Manager for Marketing and Corporation Communications, John Kaimu, told journalists at Ruacana during the weekend that the N$10 billion will be mainly raised through bond listing, concessionary and commercial loans, own equity and Government equity injection of N$1 billion.
Sourcing funds might not be a problem because, according to Kaimu, “NamPower is the first Namibian owned enterprise to be Fitch rated. It has an investment grade.”
Government in its 2008/9 budget allocated N$610 million to NamPower for emergency projects.
“The money is to cater for emergency generation and to ensure that no major power interruption is experienced in the country,” Kaimu told New Era.
Emergency projects include the installation of 50-megawatt diesel generators at Paratus in Walvis Bay. The project regarded as the first phase of such activities will be implemented in the next five to six months, Kaimu said.
Installation of one diesel generator will cost NamPower approximately N$500 million.
The second phase to be undertaken within 12 to 18 months will see the installation of an additional 100-megawatt generator at the coastal area.
“All these are measures aimed at minimising load-shedding,” Kaimu added.
Namibia has a power generation capacity of 384 megawatts with the maximum demand standing at 449 megawatts.
Demand is forecast at 1??????’??