- KfW grants NamPower €20 million for energy storage deployment.
- NamPower is expected to contribute 20% of the total cost of the storage project.
The German development agency, Kreditanstalt für Wiederaufbau (KfW), has signed a €20 million grant agreement with the state-owned Namibia Power Corporation (NamPower). The funding will be used for a large-scale electricity storage project in the Erongo region.
The financing agreement was signed recently between NamPower’s managing director, Kahenge Haulofu, the director-general of Namibia’s National Planning Commission, Obeth Kandjoze, and Barbara Pirich, KfW’s director in Namibia. The utility is expected to contribute 20 per cent of the total cost of the storage project. The state-owned company will focus on connecting the future storage system to Namibia’s national power grid from the Umburu substation, as well as paying local fees and taxes not covered by the KfW grant.