Financial services firm Standard Bank has partnered with wind power project company InnoVent SAS to fund the development and construction of the 44 MW Diaz wind project, which will be Namibia’s largest wind energy farm.
Standard Bank will provide N$1.2-billion towards the construction cost of the project.
The Diaz wind project is being developed and built near the town of Luderitz by InnoVent SAS.
The project is the second wind energy generation project in Namibia and is currently the largest being built. It is also being built in line with the country’s power procurement plan to reduce its dependence on imports while developing its own renewable resources, the partner companies say.
Namibia remains reliant on imports from its neighbouring countries for electricity supply. With abundant wind and solar resources, the country aims to increase its domestic renewable-energy capacity in its efforts towards energy self-sufficiency.
Once in operation, the Diaz wind project will generate 226 969 MWh/y of clean energy and displace about 177 000 t of CO2/y, while allowing for a stable, viable and complementary source of energy in Namibia’s supply mix.
“In collaboration with InnoVent SAS, this project furthers Namibia’s energy independence. The project tangibly builds on our commitment to sustainability and provides benefits for the broader Namibian populace,” says Standard Bank Investment Banking energy and infrastructure finance VP Pius Alweendo.
InnoVent operates a total of 25 MW of renewable-energy projects, consisting of four solar PV plants, and one wind farm in Namibia. In addition, it currently has a total of 93 MW of projects under construction.
“The collaborative effort with Standard Bank in driving Namibia’s energy independence and the country’s energy transition is evidence of a shared value that has enabled this vision,” says InnoVent SAS president Grégoire Verhaeghe.