Subsidised loans to finance renewable energy tech

Subsidised loans to finance renewable energy techPromoting off-grid electrification in rural areasThe GIZ has provided financial assistance to the tune of €330 000.00 (about N$5.2 million) to the Solar Revolving Fund for the new funding window.Low-income individuals will be financed at maximum funding of up to N$20 000, interest free. Kornelia Shilunga, Deputy Minister of Mines and Energy PHILLEPUS UUSIKUNamibians in general have the opportunity to apply for a subsidised loan at an interest rate of five percent per annum over five years to finance renewable energy technologies such solar home system (SHS), Photo-Voltaic Water Pumps (PVP) and Solar Water Heater (SWH).The Ministry of Mines and Energy, with the assistance of GIZ, yesterday launched the Green People’s Energy Project to contribute to a universal and sustainable energy access for Namibians. The project is under the Solar Revolving Fund.The objective of the project is to strengthen the renewable energy sector with a focus on promoting off-grid electrification, especially in rural areas, but also for urban clients. The GIZ has provided financial assistance to the tune of €330 000.00 (about N$5.2 million) to the Solar Revolving Fund for the new funding window.Speaking at the launch, Kornelia Shilunga, deputy minister of mines and energy notes that the new funding window targets a different range of beneficiaries.It includes low-income individuals, rural micro- enterprises and business owners that range from retail shops, bakeries, tailors, carpentry and farmers such as poultry, crop farming and other farming activities.“It is important to mention that low-income individuals will be financed at maximum funding of up to N$20 000, interest free while farmers will be financed at maximum funding limit of N$60 000 and traders at N$ 95 000 and 4% interest charges per annum,” she pointed out.Applicants should have an income to justify the repayment of the loan. They can apply online through the ministry’s website as well as through their respective regional offices.BackgroundAccording to Namibia household national data, there are 235 884 rural households, of which 35 855 are connected to the grid, while 18 324 rural households have access to solar energy, giving a rural electrification rate estimation of 20%. Furthermore, the statistics show that over 80% of rural households, use woods for cooking, and over 50% of rural households use battery lamps, torches, or cell phones for lighting, with 10% using candles. Households with access to renewable energy for cooking are less than 2% and about 7% for lighting, Shilunga said.During Harambee Prosperity Plan Two, the Ministry of Mines and Energy aim to electrify about 6 000 rural and 13 000 peri urban households. Therefore, this project aims to contribute towards achieving energy goal of secure and cost-effective energy supply, she added.“Lastly, we are all aware that energy and electricity in this case is an engine of economic growth and a key input of production, and as such, limited access compromises the socio-economic development of rural communities,” Shilunga concluded.-philllep@nmh.com.na

Subsidised loans to finance renewable energy tech

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Subsidised loans to finance renewable energy tech

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