Alpha Namibia Industries Renewable Power Limited (ANIREP) told its shareholders and the general public this week that the ongoing rights offer process has delayed the preparation and finalisation of its interim financial statements for the half year ended 31 August.
Consequently, ANIREP said it would not be in a position to publish its interim report for the six months ended 31 August 2023 within three months, as required in terms of the Namibia Stock Exchange listings requirements.
Accordingly, ANIREP said it had obtained formal approval from the Namibian Stock Exchange (NSX) to delay the publication of its audited financial statements to 7 December.
ANIREP has further obtained formal approval from the Namibian Stock Exchange to delay publication of its provisional report, as required in terms of section 3.16 of the Listings Requirements, to 7 December.
In October, ANIREP said as part of its ongoing growth strategy execution, which commenced on the 12th of September 2019 upon listing on the NSX development board, ANIREP has since achieved a 139 percent growth in revenue with a healthy pipeline of more than 200MW in development in Namibia.
It said the success comes with stringent cash flow and cost management to implement the development which is underpinned by long-term Power Purchase Agreements (PPA) with off-takers.
In order to maintain a sustainable growth level, ANIREP proposed an equity capital raise by way of a rights offer to qualified shareholders.
The company was aiming to raise equity of approximately N$570 million in the short to medium term, to continue the development and acquisition of renewable energy projects.
ANIREP has successfully deployed the initial N$167 million equities raised on the 12th of September 2019.
The company is gearing up to play a major role in increasing the commercial installed renewable energy generation in Namibia from the current 150MW to 760MW by 2025.
The successful completion of the capital raise would allow the company to increase its market share of renewable energy generation in the country, from 7 percent as at Feb 2022 (up from 0% in 2020) to its internal target of 30 percent of the forecasted 760MW by 2025. The projects include Khan (25MW), Kokerboom (25MW), Otjiwarongo upgrade up to (11MW) with 3MW regulated energy storage system.
