Chamwe Kaira
Namibia Power Corporation (NamPower) has listed its N$5 billion domestic medium-term note programme on the Namibia Securities Exchange (NSX).
The programme was listed with support from co-lead arrangers Cirrus Securities and Nedbank Namibia.
The N$5 billion programme allows NamPower to issue different types of notes over time, including green and sustainable notes.
The aim is to raise funding that matches its planned projects and financing needs.
The listing followed two years of preparation. This included drafting the programme memorandum, securing legal and regulatory approvals, and working with the NSX.
Cirrus led the document preparation for the listing. Nedbank worked with NamPower on a sustainable finance framework linked to the United Nations sustainable development goals (SDGs) and other international standards. S&P Global provided a second-party opinion on the framework.
NamPower managing director Kahenge Haulofu said the listing gives the company access to local capital.
“We are delighted to list our domestic medium-term note programme on the NSX. This platform provides us with flexible and cost-effective access to domestic capital markets and reinforces our commitment to contribute to the development of Namibia’s financial sector. We look forward to utilising the programme to support our strategic growth objectives while offering investors attractive debt instruments,” he said.
Cirrus Securities director Romé Mostert said the listing shows growth in Namibia’s debt market.
“We are proud to have partnered with Nedbank Namibia as co-lead arranger on this landmark transaction. The successful listing of the DMTN programme demonstrates and confirms the sophistication of Namibia’s debt capital markets and provides institutional investors with diversified investment opportunities,” she said.
A domestic medium-term note programme allows a company to raise debt over a period of time under one approved structure.
Once listed, the company can issue several tranches of notes with different terms without applying for fresh approval each time.
NamPower operates as a commercial public enterprise under the Ministry of Industries, Mines and Energy. It is regulated by the Electricity Control Board (ECB).
