Karibib Solar Plant

On June 28, 2019 MIGA issued guarantees of US$958,500 to cover an equity investment and US$ $1,258,674 to cover shareholder loan from SPS Sustainable Power Solutions Investments (Proprietary) Limited (formerly Mettle Solar Investments Pty Limited) into Metdecci Energy Investments (Pty) Ltd or the Project) in Namibia for a period of up to 15 years against the risks of Transfer Restriction, Expropriation, Breach of Contract, and War and Civil Disturbance.

The Project entails the construction, ownership, operation and maintenance of a 5 MW solar energy generating facilities, outside of Karibib town in the Erongo region of western Namibia. The electricity output will be sold to the Namibia Power Corporation (Pty) Ltd under a 25-year Power Purchase Agreement. The Project was awarded through the Namibia’s Renewable Feed in Tariff (REFIT) Program.

Environmental Categorization

The Project is a category B under MIGA’s Policy on Environmental and Social Sustainability. Click here for the project’s Environmental and Social Review Summary.

Development Impact

Namibia currently faces a significant energy shortage and has only been able to meet its energy needs through costly energy imports from its neighboring countries. The expected development impact from the Project include: (i) diversification of Namibia's energy mix; (ii) contribution to increased generation capacity in Namibia; (iii) reduction of carbon emissions by producing green, emission-free electricity; (iv) promotion of employment and skills development during operation and; (v) providing positive demonstration effects for solar development in Namibia and neighboring countries.

The Project is aligned with MIGA’s priorities of facilitating investments that address climate change.