Namibia's ANIREP takes control of solar IPP, EPC businesses

Namibian investor Alpha Namibia Industries Renewable Energy Power Limited (NSX:ANE) said it has completed the acquisition of majority stakes in two solar photovoltaic (PV) sector companies.

The company, known as ANIREP, bought a 70% interest in Hopsol Power Generation (Pty) Ltd, an independent power producer (IPP) owning two 5-MW PV parks in Namibia. The plants were commissioned in 2015 and 2016 and enjoy 25-year power purchase agreements (PPAs), according to a stock market filing.

The investor further informed it had closed the acquisition of an 80% stake in Hopsol Africa (Pty) Ltd effective on April 1. This firm is an engineering, procurement and construction (EPC) and operation and maintenance (O&M) contractor in Namibia with 100 MW of solar PV installations in the country.

ANIREP said it paid the equity consideration of NAD 88.6 million (USD 5.1m/EUR 4.5m) for the IPP and NAD 56 million for Hopsol Africa in cash using proceeds from the Namibian stock exchange listing.

“Concluding these transactions provides ANIREP a sustainable platform from which we will pursue an expansion of the existing grid connected 10 MW solar PV capacity,” ANIREP managing director Iyaloo Nangolo added in the statement.

(NAD 100 = USD 5.80/EUR 5.14)

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