Chamwe Kaira
Standard Bank has partnered with InnoVent SAS to fund the Diaz Wind Project, Namibia’s largest wind energy farm.
The bank has been appointed as the sole mandated lead arranger and underwriter of the senior debt and ancillary facilities. It will provide N$1.2 billion towards the project’s construction.
The Diaz Wind Project is a 44-megawatt wind energy farm under development near Lüderitz by InnoVent SAS. It is the second and currently the largest wind project in Namibia. The project supports Namibia’s plan to reduce reliance on imported electricity and build local renewable capacity.
“We have collaborated with InnoVent SAS in the development of this exciting project focused on further enabling Namibia’s energy independence. Through our involvement in this project, we have managed to curate financial solutions that are unique to the project’s requirements while leveraging the opportunity to tangibly build on our commitment to sustainability with wider benefits for the broader Namibian populace,” said Pius Alweendo, vice president for energy and infrastructure finance in investment banking at Standard Bank.
Standard Bank has previously funded Namibia’s first large-scale solar and wind IPPs and the national fuel storage facility.
InnoVent Group operates 25 MW of renewable energy in Namibia, made up of four solar PV plants and one wind farm. They have another 93 MW under construction.
“As a company that is well versed in the African market, especially the renewable energy economy, Standard Bank is a natural fit for us to partner with in this project. The collaborative effort in driving Namibia’s energy independence and the country’s energy transition is a joint value that has enabled our vision in making a success of the project,” said Grégoire Verhaeghe, President of InnoVent SAS.
Namibia still depends on electricity imports from neighbouring countries. With strong wind and solar resources, the country aims to expand domestic renewable generation.
Once operational, the Diaz Wind Project is expected to produce 226,969 megawatt-hours of clean energy each year. It will reduce about 177,000 tonnes of CO2 emissions annually and add a stable source of renewable energy to Namibia’s supply mix.
