NCF and Tandii Energy Projects (MIGA-14321)

Countries
  • Namibia
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 9, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Investec Bank Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Apr 8, 2020

Disclosed by Bank May 9, 2019


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Project Description

According to bank documents, this summary covers proposed non-shareholder loans and interest rate swaps from Investec Bank Limited; and equity and shareholder loans /quasi equity investments from Mettle Solar Investments Pty Limited, into both NCF Energy Pty Limited ("NCF") and Tandii Investment Pty Limited in Namibia. MIGA guarantees are expected to cover: Investec's sum of non-shareholder loan and interest rate swaps of about US$15 million; and Mettle's sum of equity and shareholder loans /quasi equity investments of about US$ 5 million, for a period of up to 15 years against the risks of Transfer Restriction, Expropriation, Breach of Contract, and War and Civil Disturbance.

The proposed Projects entail the construction, ownership, operation and maintenance of two solar energy generating facilities, with a capacity of 5MW each, in Engoyi village, Okatope region in Namibia. The electricity output will be sold to the Namibia Power Corporation (Pty) Ltd under a 25-year Power Purchase Agreement. Both Projects were awarded through the Namibia's Renewable Feed in Tariff (REFIT) Program.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/