Namibian 40MW project gets finance

AFRICA: Construction of the $150million 40MW wind park in Luderitz, in Namibia has received a major boost after an international consortium announced financial backing for the project.

by Shem Oirerre 3 November 2010

Sojitz Corp, Korean Midland Power Corporation and Namibian United Africa Group have agreed to fund the project.

Namibia United Africa Group will be the major stakeholder with a 60% shareholding while the other two will hold 20% shareholding each.

The move is part of Namibia 's aim to encourage the participation in the development of renewable energy by private companies.

The funding decision follows the signing of an agreement between mobile telecommunication company MTC with the Polytechnic of Namibia to facilitate the completion of Namibia 's National Wind Resource Assessment Project.

The project is aimed enabling Namibia determine the amount of wind available for conversion into electricity.