World Bank's MIGA supports 10 MW of solar projects in Namibia

The World Bank’s Multilateral Investment Guarantee Agency (MIGA) will provide guarantees of up to USD 18 million (EUR 14.5m) to support the construction, operation and maintenance of two 5-MW solar parks in Namibia.

MIGA announced the guarantees on Tuesday, saying they concern the Ejuva One and Two projects. The guarantees bring protection for up to 15 years against the risks of expropriation, transfer restriction and inconvertibility, breach of contract, and war and civil disturbance.

The World Bank member agency added that about USD 15 million of coverage is being provided for non-shareholder loans from South Africa’s Investec Bank Ltd, and a further USD 3 million relates to an equity investment by Cigenco SA.

As per the solar projects, they are two of 14 winners in the Interim Renewable Feed-in Tariff (REFIT). Their output will be sold at a price of NAD 1.37 (USD 0.113/EUR 0.092) per kWh to national utility NamPower under 25-year contracts.

(USD 1.0 = EUR 0.808)

(NAD 10 = USD 0.828/EUR 0.669)

Choose your newsletter by Renewables Now. Join for free!