11 March 2016

Namibia: Xaris' Steyn Lays Out Formalities

Work on the contentious Xaris Power Project appear to be going well. This was the indication given by its Managing Director, Hennie Steyn recently when he explained, in detail, the formalities surrounding the project.

"There will be the opportunity for other natural gas consumers such as independent power producers, factories, mines and domestic users to utilise natural gas directly for heating, reducing costs as well as environmental releases. United States based Excelerate Energy is the pioneer and market leader in innovative floating LNG solutions. As the largest provider of Floating Storage and Regasification Units (FSRU) globally, Excelerate Energy is the leader in FSRU operational projects and will supply and operate the FSRU," he explained. Garanti Koza and KS Energy were selected via a rigorous tender process based on past experience and commitment to fixed budget and schedule. Both companies are committed to skills transfer and social development of the local population.

Added Steyn, "this commitment resonates with Xaris's extensive social development programme, which was key to their selection. Garanti Koza seeks to procure local expertise and labour during the construction as well as skills transfer to local resources in key electricity generation and other technical skills. The company has received interest from local enterprises and individuals and is currently reviewing all candidates for their suitability to the task at hand." On the financing part, Steyn said the project will be privately funded.

"The equity funding will come from Ariya Capital, a Jersey-based investment holding company with a United Kingdom Financial Conduct Authority authorised investment advisor. Ariya Capital has a successful African investment track record." Standard Bank has accepted the role as mandated lead arranger for the Walvis Bay Power Plant project to provide the debt financing. The bank has already largely completed its due diligence on the project. Said Steyn reassuringly, "all partners are committed to the completion of the Walvis Bay Power Plant and have untainted reputations. In addition, our US partners have to comply with the US foreign policy, which strictly prohibits involvement in politics, war-threat countries and improprieties of any nature." The solution provided by Xaris Energy is unparalleled in its suitability, efficiency and cost-effectiveness and will support Namibia's vision of energy independence and avoiding the looming electricity crisis," Steyn emphasised.

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