Standard Bank Partners with InnoVent SAS to Fund Namibia’s Largest Wind Energy Farm
Standard Bank, the largest bank in Africa by assets, has joined forces with InnoVent SAS to finance the development and construction of the Diaz Wind Project, which is set to become Namibia’s largest wind energy farm.
Acting as the sole mandated lead arranger and underwriter of the senior debt and ancillary facilities for the project, Standard Bank will contribute NAD1.2 billion towards the construction costs.
The Diaz Wind Project, a 44-Megawatt (MW) wind energy farm located near Luderitz in Namibia, is being spearheaded by InnoVent SAS. This initiative aligns with Namibia’s strategy to enhance its renewable energy resources and reduce reliance on imports.
According to Pius Alweendo, Vice President of Energy and Infrastructure Finance at Standard Bank, “Our collaboration with InnoVent SAS on this project underscores our commitment to sustainability and supporting Namibia’s energy independence. We have tailored financial solutions to meet the project’s unique needs, benefiting the local community at large.”
Standard Bank has a proven track record in funding energy projects in Namibia, having played a pivotal role in financing the country’s first large-scale solar and wind projects, as well as the national fuel storage facility.
InnoVent Group currently operates 25MW of renewable energy projects in Namibia, with plans for an additional 93MW in the pipeline. Grégoire Verhaeghe, President of InnoVent SAS, highlights Standard Bank’s expertise in the African market as a key factor in their partnership.
Marco Triebner, Head of Investment Banking at Standard Bank Namibia, expresses pride in achieving this milestone for the country, emphasizing the bank’s commitment to driving Namibia’s growth through sustainable projects.
Namibia’s reliance on electricity imports from neighboring countries underscores the importance of enhancing domestic renewable energy capacity. The Diaz Wind Project is expected to generate over 226,000 MWh of clean energy annually, significantly reducing carbon emissions.
“As we continue to champion Africa’s growth, we are honored to play a role in advancing Namibia’s energy security journey,” concludes Alweendo.
