WINDHOEK, Namibia
Namibia Power Corporation listed a N$5 billion (US$302 million) domestic medium-term note program on the Namibia Securities Exchange on April 16, giving the state utility structured access to domestic debt capital to fund a pipeline of energy generation and transmission projects.
Cirrus Securities and Nedbank Namibia served as co-lead arrangers on the transaction, with Cirrus driving the preparation of the listing documents and Nedbank working closely with NamPower to develop a new sustainable finance framework, according to a joint press release issued by the parties.
The listing was celebrated with a bell-ringing ceremony at the annual Cirrus Investor Conference in Swakopmund, attended by senior representatives from NamPower, the arrangers, the exchange and key stakeholders.
Managing Director Kahenge Haulofu said the program gives NamPower flexible, cost-effective access to domestic capital markets while reinforcing its commitment to developing Namibia’s financial sector.
The program allows multiple tranches of notes with varying tenors, currencies and interest rates, and includes provisions for green and sustainable notes aligned with planned projects.
S&P Global issued a second-party opinion on the sustainable finance framework developed in collaboration with Nedbank Namibia.
The listing came as Namibia pursued parallel investment outreach beyond the continent.
At the Namibia-Malaysia Business Forum in Kuala Lumpur on April 20, Minister of International Relations and Trade Selma Ashipala-Musavyi urged Malaysian investors to consider opportunities in green energy, manufacturing, agro-processing and mineral beneficiation, positioning Namibia as a gateway to a southern African market of more than 380 million people.
Ashipala-Musavyi has separately said that the government is finalizing amendments to its foreign investment legislation and preparing a special economic zones bill to support manufacturing and processing investments across the country.
