Alpha Namibia Industries Renewable Power Limited (ANIREP) says it is aiming to raise N$5 billion through a bond issuance on the Namibian Stock Exchange (NSX).
The Domestic Medium Term Note debut issue is expected to be launched in the second quarter of 2024, with Standard Bank as the Sole Arranger and Joint Sustainability Co alongside the IFC.
S&P Global Ratings has assessed ANIREP’s Green Bond Framework as Dark Green, the highest sustainability rating, confirming that the framework is aligned with the Green Bond Principles (GBP), ICMA, 2021 and that its activities correspond to the long-term vision of a low-carbon climate-resilient future.
“We are excited that ANIREP is now set to launch its debut green bond, to add more firepower to complete the construction and development of further renewable energy projects,” ANIREP Managing Director and Group CEO Iyaloo ya Nangolo said.
“We have positioned ANIREP to play a pivotal role as Namibia endeavors to attain self-sufficiency in generating its own electricity. We intend to develop more renewable energy generation to increase ANIREP’s market share of renewable energy generation in the country, to our target of 30% of the forecasted 760MW in Namibia.
“It is imperative that we put in place the building blocks to provide enough energy for our people and to power our commerce, industry, and mining. We are pleased with ANIREP’s progress since our listing as a CPC in September 2019. ANIREP now has an asset base of almost N$ 1 billion and generates sustainable long-term cash flows from its long-term power purchase agreements,” Nangolo added.
ANIREP initiated the Green Bond certification process in 2023, with the support of the International Finance Corporation, which assisted the SPO, under the IFC REGIO Technical Assistance facility sponsored by HSBC and the Kingdom of Netherlands.
“IFC’s support to ANIREP is part of our strategy to support the green economy in Africa,” said Indira Campos, IFC’s Acting Country Manager for Angola, Botswana, and Namibia.
“This green bond demonstrates the capital market’s role in crowding in investors for climate-focused financing. This will ultimately support Namibia’s aspirations to transition to a low-carbon economy.”
ANIREP is a pure-play renewable energy company listed on the NSX, whose generation mix is currently 100% solar, and most of the proceeds under the framework will be used to finance renewable energy, with a focus on solar.
ANIREP was listed on the NSX in 2019 and is now included in the FTSE NSX Index Series as the only Alternative Electricity Utility entity on the main board. ANIREP provides a bridge for capital markets into utility-scale renewable energy IPP, with in-house EPC capabilities.
Currently, Namibia imports most of the electricity it uses from the Southern Africa Power Pool, while Namibia has access to some of the richest solar radiation and wind resources in the world.