Chamwe Kaira
Alpha Namibia Industries Renewable Power Limited (Anirep) says its renewable energy portfolio is on track to grow to over 190 MWp of clean, diversified energy capacity.
The company made the announcement in its latest financial results for the year ended February 28, following the successful launch of the Khan Moses Mague/Garoëb 25 MW solar PV plant.
The growth outlook is supported by Anirep’s recent acquisition of a 45% stake in the 50 MWp CERIM Wind Project and the development of the 100 MWp Kokerboom project.
Total group revenue for the year grew to N$177.2 million, up from N$89.2 million in the previous year. The increase was driven by Engineering, Procurement, and Construction (EPC) revenue generated by Hopsol Africa during the construction of the Khan Moses Mague ||Garoëb solar PV plant.
Anirep’s Independent Power Producer (IPP) segment generated N$38.8 million from its 13.34 MWp of solar power.
This was a 4.8% increase from the previous year.
The electricity is sold under long-term power purchase agreements with NamPower and Cenored, which run until 2041.
Since its listing in 2019, the group’s Net Asset Value (NAV) growth has exceeded its 15% hurdle rate, triggering a shareholder-approved performance incentive scheme.
The value of the incentive award for the current year was N$41.3 million.
The group reported a loss before tax of N$42.9 million, compared to N$7.9 million in the previous year.
The loss was attributed to the share-based performance incentive and higher costs related to IPP portfolio development.
Anirep’s managing director, Iyaloo ya Nangolo, said the company has started exporting energy to the grid from the Khan Moses Mague ||Garoëb plant.
“I am excited that we have now started exporting energy into the grid at the Khan Moses Mague ||Garoëb plant, and we have increased our generation capacity to 38.34 MWp, including 3 MWp of rooftop installations,” ya Nangolo said.
He said the expansion of the Otjiwarongo PV Park is nearing completion and will further boost capacity.
“Building on this success, we are well underway with the next phase of growth, with the expansion of the Otjiwarongo PV Park nearing completion. In the growth stage all development costs for future projects are being borne by the group, and the expanded generation base provides the group with a bigger cash flow base to absorb these costs. Thus, the ANIREP group is geared towards ensuring that all new projects are implemented timeously to warrant quick contribution of revenue to group performance,” he said.
