NamPower project boosts ANIREP revenues

Alpha Namibia Industries Renewable Power Limited (ANIREP) has recorded N$87.1 million in revenues for the six months to August, with N$64 million coming from the construction of NamPower Omburu project.

“ANIREP posted strong revenue for the six months mainly due to a N$317 million 20MW power plant,  Omburu project that HopSol Africa is constructing for NamPower. ANIREP is reaping the benefits of investing in EPC contractor, HopSol Africa, who while driving ANIREP’s growth strategy, is involved in the EPC development of Solar Power plants which will add value to shareholders,” the company said.

“ANIREP Solar (Pty) Ltd continued to generate steady income on the back of the PPAs with NamPower and CENORED which are in place until 2040 and 2041 respectively.”

Investment income from short term investments during the period under review, amounted to N$2.6 million, while interest expense of N$8.6 million was paid out to lenders of the company.

The listed company said its gross profit of N$27.6 million, at a margin of 31.7%, was lower than full year last year due to upward pressure COVID-19 had on the prices of Solar Panels, Inventors, Trackers, Copper, Steel and Shipping costs.

ANIREP, which Anirep acquired 70% shares in HopSol Power Generation last year in addition to the 80% shares the company had acquired in HopSol Africa, recorded a profit of N$2.76 million for the period.

The firm is anticipating the country’s drive towards renewable energy will contribute towards its vision of being a key player in the country’s green energy space.

“With a vision of becoming a 30% player in the renewable energy sector, ANIREP will continue to pursue investments into renewable energy plants through acquisitions and EPC works with the view to increase shareholder value. This is in line with Namibia’s target to become a net-exporter of renewable sourced electricity by 2030. National Integrated Resource Plan estimates that 70% or more of the electricity installed capacity will come from renewable sources by 2030,” the company said.

ANIREP Managing Director Iyaloo Nangolo said he was pleased that his company continues to post profits through the extraordinary performance of EPC contractor, HopSol Africa as well as consistent performance of PV Utility Power Plants.

“We have a healthy pipeline of projects, which include expanding our existing capacity of 10.73 MW and installing battery storage for our current PPA utility clients. We will continue to pursue installation of renewable energy to contested buyers, further acquisition and capacity development opportunities,” he said.

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Last modified on Friday, 03 December 2021 10:57

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