THE capital-for-energy mobiliser, Alpha Namibia Industries Renewable Power Limited (Anirep) has acquired a majority shareholding in HopSol Power Generation, the company announced on the Namibian Stock Exchange on Tuesday.

The deal was finalised last Friday with Anirep acquiring 70% shares in HopSol Power Generation (Pty) Ltd. This is in addition to the 80% shares the company acquired in HopSol Africa (Pty) Ltd in April.

According to the statement, HopSol Power Generation has an arrangement to produce 10 MW as an independent power producer, from two 5MW solar PV grid connected utility plants commissioned in 2015 and 2016.

The projects are underpinned by a 25-year power purchasing agreement.

The equity consideration of N$88,6 million was paid from the proceeds of Anirep’s listing on the Namibian Stock Exchange.

Anirep managing director Iyaloo Nangolo said the finalisation of the two transactions provides a sustainable platform from which they will expand the existing 10 MW solar PV capacity.

She said the deal will enable Anirep to provide a bridge for capital markets to fund renewable energy projects.

Nangolo added that Anirep “is well placed to raise such additional capital and project finance as will be required for solar PV capacity expansion, by unlocking a higher investment allocation by institutional investors to infrastructure investments, based on our sustainable long-term cash flows”.

Anirep bought HopSol Power Generation (Pty) Ltd and HopSol Africa to gain a competitive edge on Namibia’s solar power industry.

Approval for the acquisition was granted by regulators, such as NamPower, the Electricity Control Board, and the Namibian Competition Commission between February and March this year.

Anirep can now apply to the Namibian Stock Exchange for a re-classification on their listing.

HopSol Africa is headquartered in Windhoek with two subsidiaries HopSol South Africa and HopSol Zambia.

HopSol Africa was awarded the contract for Namibia’s biggest off-grid solar power by the Ministry of Mines and Energy.

The solar plant was completed in October 2014 at Gam village in the Tsumkwe constituency, Otjozondjupa region.

HopSol was also recently involved in the solar photovoltaic installation at Ohorongo Cement and Maerua Mall in Windhoek.