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ANIREP plans N$564m rights issue to fund expansion – ANIREP LTD

ANIREP LTD

CapitalANIREP plans N$564m rights issue to fund expansion

ANIREP plans N$564m rights issue to fund expansion

Alpha Namibia Industries Renewable Power Limited (ANIREP) says it plans to raise approximately N$564 million through a rights offer to support the company’s expansion in the renewable energy sector. 

The rights offer, subject to shareholder approval, will issue 71,403,185 ordinary shares at a price of N$0.790 per rights offer share, with a ratio of 423 rights offer shares for every 100 ordinary shares held as of Friday, 10 November 2023.

This comes as ANIREP has seen impressive growth since its listing on the Namibian Stock Exchange (NSX) in 2019, having expanded its generation capacity from 0MWp in 2019 to 13MWp in 2023.

“The company aims to further increase its capacity by 70MWp by the 2025/2026 year-end, with a long-term goal of surpassing 200MW. This growth aligns with Namibia’s renewable energy targets, aiming to reach 760MW by 2030,” the company revealed in a notice to shareholders recently.

According to the notice, the rights offer is expected to provide ANIREP with the necessary capital to acquire and develop several renewable energy projects. The projects include Aussenkehr Solar One Namibia, Otjiwarongo Expansion, and Dundee Precious Metal Tsumeb, which collectively require an estimated N$415 million investment.

Furthermore, ANIREP is also exploring further potential acquisition targets, “with a view to adding 25MW to its existing capacity, with an estimated equity requirement of N$123 million”.

These projects are anticipated to expand ANIREP’s Independent Power Producer (IPP) portfolio to over 65MWp.

“The rights offer has garnered support from major shareholders holding 88.8% of the company’s shares, signalling confidence in ANIREP’s future prospects. The funds raised from the rights offer will also be used to optimise ANIREP’s capital structure and explore potential acquisition opportunities to add 25MW to its existing capacity,” said the company.

ANIREP advised shareholders to review the circular distributed by the company, available from the registered office or the ANIREP website, to understand the full details of the rights offer.

This comes as a general meeting for shareholders will be held next month, to vote on the proposed resolutions, including the approval of the rights issue offer.

ANIREP’s determination to make a substantial contribution to the renewable energy landscape in Namibia and the region is underscored by its collaboration with the International Finance Corporation (IFC).

“This significant partnership with IFC provides capacity and momentum for ANIREP on its journey to contribute to the development and supply of at least 30% of the renewable energy in the country,” ANIREP states.

The company said this partnership is expected to facilitate the development of a 20MWp Solar PV IPP project and the launch of a green bond, further strengthening ANIREP’s position in the renewable energy sector.

“The rights offer and ANIREP’s expansion plans align with Namibia’s Harambee Prosperity Plan, which seeks to increase commercial renewable energy generation from the current 212MW Solar PV capacity to 760MW by 2030. ANIREP’s efforts are integral to achieving this goal, making it a significant player in the nation’s renewable energy landscape,” said the notice.

The proceeds from the rights issue will be utilised for the development and acquisition of additional renewable energy generation capacity, to increase ANIREP’s market share of renewable energy generation in Namibia, from 7% as of February 2022 to a minimum target of 30% of the forecasted 760MW by 2030.

The company has also successfully completed the construction of the 25 MW solar PV plant at Omburu SubStation and continues to secure land, permits, and power purchase agreements for additional projects, further contributing to Namibia’s renewable energy goals. 

The initial capital raised by ANIREP as a CPC, in an amount of N$167.1 million, was primarily used to acquire an IPP platform and the largest solar PV IPP, EPC and O&M Company in Namibia in 2020 for a combined total of N$144.5 million. 

ANIREP successfully established the combined IPP/EPC/O&M platform, which generated EBITDA of N$53.2 million and earnings after tax of N$19.9 million (before tax N$28.7 million) for the year ended 28 February 2023. 

Revenue of N$79 million was earned in the year ended 28 February 2023.

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"ANIREP" Alpha Namibia Industries Renewable Energy Power Limited was established for the purpose of facilitating the investment of long-term capital in infrastructural renewable energy projects in Namibia and Sub-Sahara Africa.