Namibia Power Corporation (Pty) Ltd (“NamPower”), in partnership with its two co-lead arrangers, Cirrus Securities (Pty) Ltd (“Cirrus”) and Nedbank Namibia Limited (“Nedbank”), have announced the successful listing of its N$5 billion Domestic Medium-Term Note (DMTN) Programme on the Namibia Securities Exchange (“NSX”).
The listing was officially celebrated with a traditional bell-ringing ceremony at the 2026 Cirrus Investor Conference in Swakopmund, attended by senior representatives from NamPower, the co-lead arrangers, the NSX, and key stakeholders. The N$5 billion medium-term note programme has been prepared to allow for a range of notes to be issued under it, including green notes and sustainable notes, to ensure that NamPower can access the most suitable debt on the best terms, aligning with the planned projects in respect of which funds will be applied.
The establishment and listing of the DMTN Programme involved extensive preparation, including the preparation of the Programme Memorandum, legal and regulatory approvals, and collaboration with the NSX. Over the past two years, the Cirrus and Nedbank teams successfully completed the structuring and documentation processes, culminating in today’s listing. While Cirrus drove the preparation of the documents for the listing, the Nedbank team worked closely with NamPower to craft a new sustainable finance framework, aligning with the United Nations Sustainable Development Goals and other international benchmarks.
This framework was approved by way of a Second Party Opinion obtained from S&P Global. This listing marks a significant milestone in NamPower’s financing journey. NamPower’s Managing Director, Kahenge S. Haulofu, said: “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.”
Romé Mostert, Director of Cirrus Securities, as one of the two co-lead arrangers, , commented: “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.”
A Domestic Medium Term Note Programme allows an issuer to raise debt capital in a flexible and efficient manner over an extended period. Once listed on the NSX, the issuer can issue multiple tranches of notes (with varying tenors, currencies, and interest rates) under a single approved programme without the need to seek fresh approvals for each issuance. This structure enhances liquidity, transparency, and investor confidence in Namibia’s fixed-income market.