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N$1.5 billion pledged for Namibia’s water and energy needs

N$1.5 billion pledged for Namibia’s water and energy needs

Zorena Jantze
THE just ended Economic Summit has produced promising prospects for the development of the Namibian Oil, Water and Energy sectors, with a total of N$1.5 billion invested from Comsar Energy Group, one of the biggest Greenfield investors in the energy sector in South Eastern Europe.
Speaking at the summit, representatives from Comsar stated that the Russia and Namibia are old friends and that the Russian federation would like to solve Namibia’s perpetual Water and Energy setbacks, adding that it would wish to place Namibia from being a mass importer of electricity to an exporter of such utilities.

Photo for illustrative purposes only.

Comsar announced that it’s group will invest in creating 600 MW capacity Power Plant, as well as a seawater Desalination plant in Walvis Bay which would produce up to 30, 000 cubic meters of water every day to NamWater.
In addition, the group added that it would also invest in building an Oil refinery plant in Walvis Bay as well which would produce 16 million tonnes of light petroleum products per year.
The investors emphasized that they are only creating generating capacity and are not trying to interfere in existing businesses as NAMCOR, NamPower, as well as NamWater will oversee these projects.
Comsar further stated that these projects will increase Namibia’s technical capacity in terms of its labour force as the projects are aimed to start operating in 2024 and will directly employ graduates from the University of Science and Technology, (NUST), UNAM and IUM.
Highlights of other noteworthy investments include commitments from the Africa Finance Corporation (AFC), one of the largest investors in infrastructural developments and equity investments which committed to giving capital support of N$150million as well as developing Namibia’s capacities in infrastructural projects and foreign currency trading with the Bank of Namibia.
In addition, GIPF pledged N$5.34 billion which will go into unlisted real estate, private equity and affordable housing projects.
On the other hand, Komsberg Farm, in the Karas invested close to N$1 billion which will see the construction of houses for around 300 employees.
In addition the Africa Import/Export Bank committed U$300 million which will provide funding in financial services, tourism, consumer goods, as well as housing.

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