The World Bank has approved a $138.5 million loan to help Namibia bolster its transmission network and integrate renewable energy projects into the grid, the bank said on Tuesday.
One of Sub-Saharan Africa’s driest countries with plenty of sunshine and wind, Namibia wants to position itself as a renewable energy hub in tandem with massive offshore oil and gas finds that have turned the country into a global exploration hotspot.
“Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future,” Satu Kahkonen, World Bank country director for Namibia said in a statement.
The loan will be used by national electricity utility NamPower as it seeks to wean itself off electricity imports from neighbouring countries, and will be Namibia’s first World Bank financed energy project.
Besides new solar and wind projects, Namibia is also pursuing a $10 billion green hydrogen project that will export to the European Union once completed.
Reuters
