Alpha Namibia Industries Renewable Power Limited (ANIREP) said in financial results for the year ended 29 February that revenue for the year of N$74 million was 6% lower due to lower revenue caused by the delay in starting the Khan project.
The company said the key focus during the period was closing the equity rights issue and starting construction on the 25MWp Khan project.
ANIREP said it grew its equity capital base by 260%, successfully closing the rights issue for N$437 million in December 2023. The proceeds are being utilised to increase generation capacity by over 426% from 13MWp Solar PV to 70 MWp.
“Construction started on the Khan 25MWp PV plant and the other two projects are being developed vigorously. Accordingly, significant management time and development costs are being borne by the group, which adversely impacted profitability, with normalised operating profit decreasing by 49% from N$24,2m in 2023 to N$12,2m for 2024,” the company said.
The total operating profit achieved for the year amounts to N$8,6 million compared N$43,1 million for the prior year which included proceeds from warranty proceeds of N$24 million a once off transaction.
The company made a loss before tax of N$7,9 million (28 Feb 2023: Profit N$28,7 million).
ANIREP Managing Director Iyaloo Nangolo said is ANIREP is a bridge for capital markets into infrastructural renewable energy projects that provide investors with good, predictable, and long-term yielding investments generating a consistent return on equity over the long term. The company’s total generation capacity stands at 13,34MWp.
“Building on this success, ANIREP is excited about the next phase of its expansion. The proceeds raised from the rights offer will be utilized to propel the company’s generation capacity to just under 70 MWp, marking a significant milestone in its growth trajectory,” Nangolo said.
The company’s projects include the 25MWp PV Plant in Khan currently under construction, the installation of 6.8 MWp of Solar PV and a 3 MWp/9MWh Battery Energy Storage System in Otjiwarongo, and the establishment of an 25MWp PV power plant at Kokerboom, to supply power to Dundee Precious Metals.
Namibia is currently facing an energy deficit, leading to the importation of electricity from the region. The country’s goal is to become a net exporter of renewable electricity by 2030. The National Integrated Resource Plan projects that 70% or more of the country’s installed electricity capacity will be derived from renewable sources by 2030. Namibia possesses abundant wind and solar resources, positioning it to be one of the most cost-effective regions for renewable energy production.
ANIREP aims to attain a 30% market share in the renewable energy sector, by pursuing renewable energy installations for contested buyers, exploring acquisition opportunities, fostering capacity development initiatives, and engaging in engineering, procurement, and construction and operations and maintenance projects.
