Project description and rationale

 

The SPV was created in 2012 under the name of Camelthorn Business Ventures No. Two (Pty) Ltd (“CBV2”). CBV2 obtained all the required consents and approvals to build a 5MWp PV plant in 7 ha of land proprietary owned by the mother company.

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In 2014 CBV2 was granted by the Electricity Control Board (“ECB”) with the generation license and in 2015 CBV2 was enrolled in the national REFIT program. In October of the same year CBV2 was selected by NamPower among the 14 Independent Power Producers (“IPPs”).

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In May 2016 CBV2 obtained “financial closing approval” from Nampower and subsequently, CBV2 signed with Contatto Renewable Namibia an EPC agreement for the construction of the plant.

After securing a loan from the Development Bank of Namibia, in May 2017 CBV2’s founders and development team handed over the company to a local investor.