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.
*Contact information not provided at the time of disclosure*
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