Sertum Energy Namibia (Pty) Ltd. (MIGA-fa439f34a4)

Countries
  • Namibia
Where the impacts of the investment may be experienced.
Specific Location
Erongo
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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 Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
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.
Primary Source

Original disclosure @ MIGA website

Disclosed by Bank Apr 20, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to bank documents, MIGA has been requested to provide guarantees covering Investec Bank Limited non-shareholder loan investments of US$15 million into the Sertum solar project located in the region of Erongo in Namibia. Investec is seeking guarantees against the risk of transfer restriction, expropriation, breach of contract and war and civil disturbance for a tenor of 15 years.

The Project consists of the construction, ownership, operation and maintenance of a 5 MW solar energy generating facility. The electricity output will be sold to Namibia Power Corporation (Pty) Limited under a 25-years Power Purchase Agreement.

The Project was awarded through the Renewable Energy Feed in Tariff Program The program was commissioned in 2010 and approved in 2011 by the Minister of Minerals, Mining and Energy. The program is aimed at procuring generation of power from various renewable sources up to a maximum of 5 MW per business. The Project was among the 14 Independent Power Producers that signed a PPA among 27 shortlisted bidders. The Project is under construction with estimated commercial operation dates in July, 2017.

Sertum Energy Namibia Pty Ltd intends to develop the photovoltaic plant on the Areva managed Uranium mine site of Trekkopje, approximately 80 KM out of Swakopmund in the Erongo region of Western Namibia. The 15 hectares plot of land was leased from the Erongo Communal Lands Association. The project is located next to a sub-station therefore no transmission lines are required and an underground cable will be used to connect the site to the sub-station. The habitat is modified desert due to the mine site and land was unused prior to the project. The site is accessed through the mine site which is located approximately 10 km from the town of Arandis, just off the main highway between Walvis Bay and Windhoek. Enertronica has been appointed the EPC contractor and Protecton Engineering and Khomas Civil Construction have been hired as sub-contractors to conduct civil works, such as installing the solar panels and support facilities.

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/