IN a significant step towards advancing its renewable energy agenda, Namibia has secured a $138.5 million loan from the World Bank. The funding aims to enhance the country’s transmission network and facilitate the integration of renewable energy projects into its grid, announced the World Bank on Tuesday.
‘Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future,’ remarked Satu Kahkonen, the World Bank country director for Namibia, underscoring the nation’s commitment to renewable energy initiatives.
Namibia, renowned as one of sub-Saharan Africa’s driest countries yet abundant in sunshine and wind resources, is strategically positioning itself as a renewable energy hub. This move aligns with the country’s vision to capitalise on its natural resources, particularly amidst significant offshore oil and gas discoveries that have thrust Namibia into the global exploration spotlight.
The loan, earmarked for use by the national electricity utility NamPower, signifies Namibia’s inaugural World Bank-financed energy project. It marks a crucial milestone in the country’s quest to reduce its reliance on electricity imports from neighbouring nations.
‘By investing in our transmission network and renewable energy infrastructure, we are charting a course towards energy self-sufficiency and sustainability,’ stated a representative from NamPower, highlighting the transformative impact of the World Bank loan on Namibia’s energy landscape.
In addition to fostering the development of new solar and wind projects, Namibia is actively pursuing a groundbreaking $10bn green hydrogen initiative. Upon completion, this ambitious project aims to export green hydrogen to the European Union, further solidifying Namibia’s status as a key player in the global renewable energy arena.
The World Bank’s support underscores its commitment to facilitating sustainable development and accelerating the transition towards cleaner energy sources, aligning with Namibia’s aspirations for a greener and more resilient energy future.
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