Standard Bank has partnered with InnoVent SAS to fund the development and construction of the Diaz Wind Project, set to become Namibia’s largest wind energy facility.
The bank has been appointed as the sole mandated lead arranger and underwriter of the project’s senior debt and ancillary facilities, committing N$1.2 billion towards the construction costs of the project.
Located near Lüderitz, the 44-megawatt wind farm is being developed by InnoVent SAS as part of Namibia’s broader plan to reduce its reliance on electricity imports and expand its renewable energy infrastructure. Once operational, the facility is expected to generate 226,969 megawatt hours of clean energy annually and offset around 177,000 tonnes of carbon dioxide each year.
“We are pleased to have pioneered the execution of this development under unique circumstances in an unprecedented area. We are excited to have achieved this milestone for the country after supporting this project for many years – testament to Standard Bank’s perseverance and commitment to driving Namibia’s growth,” said Marco Triebner, Head of Investment Banking at Standard Bank.
The Diaz project is the second and currently the largest wind energy initiative in the country. Namibia remains heavily dependent on electricity imports but aims to achieve energy self-sufficiency by 2030 through the development of domestic renewable resources, particularly wind and solar.
“As a company that is well-versed in the African market, especially the renewable energy economy, Standard Bank is a natural fit for us to partner with on this project. The collaborative effort in driving Namibia’s energy independence and the country’s energy transition is a joint value that has enabled our vision in making a success of the project,” said Grégoire Verhaeghe, President of InnoVent SAS.
In Namibia, the InnoVent Group currently operates 25MW of renewable energy projects, including four solar PV plants and one wind farm. A further 93MW is currently under construction.
Standard Bank, Africa’s largest lender by assets, has established a strong track record in Namibia’s energy sector, having played a key role in financing the country’s first large-scale solar and wind independent power producers, as well as the national fuel storage facility.
“As the leader of CIB, this deal fills me with immense pride. This partnership is a testament to our commitment to fostering sustainable business relationships and exemplifies what it means to be ‘Powering Positive Impact’. I look forward in anticipation to the outcomes and fruits of this project and how it will greatly influence the Namibian economy – and, most importantly, open doors of opportunity for our people,” said Nelson Lucas, Head: Corporate & Investment Banking at Standard Bank Namibia.
The project is expected to play a key role in strengthening Namibia’s energy mix, while supporting long-term goals around sustainability and energy security.
