MIGA debuts in Namibia with solar project guarantees

MIGA has provided its first guarantees in Namibia - up to $18 million in support of the construction, operation and maintenance of two 5MW solar projects. The Ejuva One and Two plants will have an annual generation capacity of 25.8GWh. MIGA is covering $15 million for non-shareholder loans provided by Investec Bank, and an additional $3 million of cover for an equity investment by CIGENCO. Some 90% of the equity, and 95% of the loans - both provided in South African Rand - are covered by the guarantees.