Sertum Energy Namibia (Pty) Ltd. (MIGA-3549)

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.
Project Status
Proposed
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
May 19, 2017
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 Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Sep 23, 2017

Disclosed by Bank Apr 20, 2017


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Project Description
This summary covers a proposed non-shareholder loan investment from Investec Bank Limited (“Investec”) of South Africa into Sertum Energy Namibia (Pty) Ltd (“Sertum” or the Project) in Namibia. The lender has applied for a MIGA guarantee to cover their debt of up to $15 million for a period of up to 15 years against the risks of Breach of Contract, Transfer Restriction, Expropriation, and War and Civil Disturbance. The proposed project entails the construction, ownership, operation and maintenance of solar energy generating facilities, with a capacity of 5MW, in the Erongo region in Namibia. The electricity output will be sold to Namibia Power Corporation (Pty) Ltd under a 25-year Power Purchase Agreement. The Project was awarded through the Renewable Feed in tariff Program. The expected development impact from the Project include: (i) diversification of Namibia's energy mix; (ii) contribution to increased generation capacity in Namibia; (iii) reduction of carbon emissions by producing green, emission-free electricity; (iv) promotion of employment and skills development during construction and operation and; (v) providing positive demonstration effects for solar development in Namibia and neighboring countries.
Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information
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/