Cape Town, South Africa – Namibia has secured a significant boost for its clean energy ambitions after the World Bank approved a $138.5 million loan. The funds will be used to modernize the country’s electricity transmission network and facilitate the integration of renewable energy sources into the national grid.
This strategic investment comes as Namibia, one of sub-Saharan Africa’s sunniest and windiest countries, seeks to position itself as a leader in renewable energy. The nation’s abundant natural resources, coupled with recent offshore oil and gas discoveries, solidify its potential as a global energy hub.
“Namibia is uniquely placed to spearhead the region’s transition towards a more sustainable future,” said Satu Kahkonen, the World Bank’s Country Director for Namibia. This loan marks the first World Bank-funded energy project in the country and will be implemented by NamPower, the national electricity utility company.
The financial injection will empower NamPower to reduce its reliance on electricity imports from neighboring countries. Namibia is also actively pursuing a $10 billion green hydrogen project, aiming to become a future exporter of clean energy to the European Union.
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