Namibia's power utility to invest 575 mln USD in power projects

Xinhua News,WINDHOEK
2020-05-27 23:46

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WINDHOEK, May 27 (Xinhua) -- Namibia's power utility NamPower will invest 10 billion Namibian dollars (about 575 million U.S. dollars) in energy generation and transmission projects over the next three years, Finance Minister Ipumbu Shiimi announced on Wednesday.

Presenting his maiden 72.8 billion Namibian dollars budget speech in parliament, Shiimi said the investment would boost the provision of affordable and reliable domestic power generation and improve the balance of payments.

"Nampower is rolling out investment in energy generation and transmission, particularly solar and wind power generation over the next five years, with investment of about 10 billion Namibian dollars over the next three years," the minister said.

Namibia is a net importer of electricity with more than 60 percent of its power coming mainly from neighbouring South Africa.
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