Alpha Namibia Industries Renewable Power Limited (ANIREP) says it recorded an interim profit of N$24.8 million for the six months ended 31 August 2022.
The energy firm’s revenue for the period came in at N$72.3 million.
The Namibian Stock Exchange-listed company said its ANIREP Solar (Pty) Ltd unit continued to generate a steady N$38 million on the back of the Power Purchase Agreement (PPA) with NamPower and CENORED, which are in place until 2040 and 2041 respectively.
“During the year ANIREP Solar (Pty) Ltd acquired 55% of Access Aussenkjer Solar One Namibia (Pty) Ltd which was subsequently renamed ANIREP Aussenkjer Solar One Namibia (Pty) Ltd (AASON) for a consideration of N$9 million.”
AASON is an SPV that won the tender to construct a 20MWPV Khan plant on a Build, Own and Operate (BOO) basis with a 25-year power purchase agreement with NamPower.
“The Commercial Operation Date (COD) for this project is expected to be in the second quarter of 2023. No trading for AASON took place in the year under review.”
“The business continues to generate cash in line with the nature of the long term PPAs, Engineering Procurement and Construction (EPC), and Operation & Maintenance (O&M).
HopSol Africa’s revenue is cyclical in nature and that they are underpinned by the quantum of the project’s size under EPC contracts for that period,” states the company.
ANIREP Managing Director Iyaloo Nangolo said the group continues to grow revenue and post profits through the extraordinary performance of EPC contractor, HopSol Africa as well as the consistent performance of PV Utility Power Plants.
“With a solid platform with predictable and sustainable long-term cash flows, ANIREP generated EBITDA of N$35.1 million and operating cash flow of N$5.4 million for the year ended 28 February 2022. We have a healthy pipeline of projects, which include expanding our existing capacity of 10.73MW PV Power and installing battery storage for our current and future PPA utility clients,” said the MD.
Nangolo said the group will continue to pursue the installation of renewable energy to contested buyers, further acquisition and capacity development opportunities
“HopSol Africa, while driving ANIREP’s growth strategy, is involved in the EPC development of Solar Power plants which adds value to shareholders. Through EPC development, revenue is generated for the Group even before COD and subsequent revenue in operation and maintenance services post COD,” reads ANIREPs financial results statement for the half-year ended 31 August 2022.
Out of 170MW PV power plants in Namibia, ANIREP’s subsidiary HopSol Africa has been involved in the construction of 120MW.
