Anirep gets S&P thumbs-up

S&P Global Ratings has assessed Anirep's Green Bond Framework as Dark Green, the highest sustainability rating.

The assessment indicates that Anirep’s activities correspond to the long-term vision of a low-carbon, climate-resilient future, locally-listed Alpha Namibia Industries Renewable Power said in a statement.

Anirep is a pure-play renewable energy company. The company's generation mix is currently 100% solar, and most of the proceeds under the framework will be used to finance renewable energy, with a focus on solar.

Anirep initiated the Green Bond certification process in 2023, with the support of the International Finance Corporation.

The company is in the process of registering a N$5-billion Domestic Medium-Term Note Programme with the Namibian Stock Exchange (NSX). The debut issue is expected to be launched in the second quarter of this year.



Firepower

Anirep managing director and chief executive officer Iyaloo ya Nangolo said the launch its debut Green Bond will add more firepower to complete the construction and development of further renewable energy projects.

“We have positioned Anirep to play a pivotal role as Namibia endeavours to attain self-sufficiency in generating its own electricity. We intend to develop more renewable energy generation to increase Anirep’s market share of renewable energy generation in the country to our target of 30% of the forecasted 760MW in Namibia,” Ya Nangolo said.

“It is imperative that we put in place the building blocks to provide enough energy for our people and to power our commerce, industry and mining,” he added.



Bridge

Anirep was listed on the NSX in 2019 and is now included in the FTSE NSX Index Series as the only alternative electricity utility entity on the main board.

It provides a bridge for capital markets into utility-scale renewable energy independent power producer (IPP), with in-house engineering, procurement, and construction (EPC) capabilities.

“Anirep has now created a solid platform with predictable and sustainable long-term cash flows and recently raised further firepower in the form of equity of N$437 million by way of a rights issue,” the company said.

Anirep currently has an asset base of almost N$1 billion and generates sustainable long-term cash flows from its long-term power purchase agreements.