CRONIMET Mining Power Solutions (“CRONIMET”) together with is Namibian JV partner, O&L Energy, were awarded the “Arandis” 3 MWAC PV Power Plant tender. The tender was issued by Erongo Regional Electricity Distributor (Pty) Ltd (“ERONGO Red”) and was awarded to the CRONIMET – O&L Energy development consortium on February, 26th 2016.
The development consortium’s independent power producer (IPP) will finance build, own and operate the power plant, which will deliver clean, cheap and reliable electricity to ERONGO Red under terms and conditions of a 25-year Power Purchase Agreement (PPA). CRONIMET will supply the IPP with a state-of-the-art PV Power Plant under the terms and conditions of a turnkey engineering, procurement and construction (EPC) contract. The IPP is expected to reach financial close in the 3rd quarter of 2016 and to commence with construction shortly thereafter.
Once completed, over ten thousand poly-crystalline photovoltaic (PV) panels will be mounted to a horizontal single axis tracking system for a total installed capacity of 3.4 MW. The PV plant will generate over 8.3 million kilowatt hours of emission free electricity per year. The PV plant will be connected to and synchronized to ERONGO Red’s transmission station and will supply the coastal region with 25 years of electricity generated from the sun.
O&L Energy’s CEO, Bernd Walbaum stated, “This project reflects how the public and the private sector can come together and create a win-win for Namibia’s communal stakeholders. ERONGO Red has proven to the Arandis community and the coastal region that forward thinking and contemporary leadership can create decades of self-generation legacy for the public. And with CRONINMET we have an experienced and professional international partner to ensure our renewable energy infrastructure investments live up to communal expectations.”
As the countries’ leading renewable energy IPP develop, CRONIMET and O&L Energy subscribe to a strict socio-economic responsibility program to further enrich those local communities that rely on its renewable energy infrastructure. Steffen Kammerer, Managing Director of CRONIMET explained, “It was critical to CRONIMET that our Arandis project provided a platform for the community to participate in socio-economic benefits. We have engineered the capital structure to include Women of Destiny, a Namibian social upliftment trust as well as providing the ERONGO Red with an option to participate in the capital structure. Not only will temporary jobs be created during construction, CRONIMET will provide for technical on-the-job training workshops, also supported by Germanys KfW/DEG, during construction to support the transferee of permanent skills applicable to future projects.”
For more Information please visit our website at www.crm-ps.com.View More