Inceptus Energy secures funding for UNAM’s solar project

Martin Endjala

Inceptus Energy, a public-private partnership between Alensy Energy Solutions and Inceptus Holding, the business arm of the University of Namibia (UNAM), has announced that it has successfully secured an estimated N$65 million in funding from the Development Bank of Namibia (DBN) and Old Mutual Namibia for a groundbreaking solar project at UNAM.

The partnership marks a significant milestone in advancing sustainable energy utilization in Namibia, with the project boasting an installed solar Photovoltaic (PV) capacity of 3.68 MegaWatts (MW) along with a 657 Kilo-Volt Amperes (kVA) peak shaving solution.

Developed by Alensy, the project showcases the fruitful collaboration between the public and private sectors in advancing renewable energy objectives.

“As a leading investor, developer, contractor and ecosystem player in Namibia’s renewable energy sector, we are proud to contribute to this innovative project. Together with our partners, we are driving positive change and creating a brighter future for Namibia,” says Norbert Dörgeloh, Chief Executive Officer of Alensy.

In addition to environmental benefits, the project holds significant economic promise for Namibia.

Investing in renewable energy projects such as this, is not only beneficial for the environment but also for the economy, remarked Christoff Bauernschmitt, Head of Alternative Investments at Old Mutual.

She said they are thrilled to be part of the initiative that aligns with their commitment to sustainable development.

Construction on the project commenced in the Second Quarter of 2023 and is on track for completion by the end of the first quarter of 2024.

Hellen Amupolo, Head of Investments at DBN, reiterated that the financing of this project represents DBN’s concerted focus towards financing green industrialisation and infrastructure development in a sustainable manner.

She stated that by supporting renewable energy initiatives, they are not only fostering job creation but also cementing the groundwork for a green and industrialised Namibia.

Furthermore, Evaristus Evaristus, CEO of Inceptus, emphasised the project’s role as a testament to the University’s dedication to sustainability, and he is confident it will serve as an inspiration for similar initiatives elsewhere.

Prof Kenneth Matengu, UNAM’s Vice Chancellor, highlights that Inceptus Energy’s investment in this renewable energy plant not only supports in downsizing the University’s dependence on non-renewable energy but also plays a significant part in reducing energy expenses, thereby generating savings.

As the project nears completion, Inceptus Energy remains steadfast in its dedication to driving sustainable energy solutions and anticipates the positive impact it will have on UNAM, Namibia, and beyond.

The Irwin, Jacobs, Greene Limited Capital (IJG) is said to have played a crucial role in arranging both debt and equity for the transaction.

“IJG’s expertise and commitment were instrumental in facilitating the financing and ensuring the project’s successful execution,” said Jakob de Klerk, Managing Director at IJG Capital.

He said they are proud to support initiatives that drive sustainable development and contribute to Namibia’s energy transition.

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