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Wheeling allowed for IPPs and REDs
Current Challenges
Source: Nampower Stakeholder Consultation.
Increasing solar penetration has led to a net load curve that necessitates significant ramping of thermal generators in the evening and drastic output reductions by those same generators during the daytime.
Source: Electricity Control Board-Namibia Market Structure, Stakeholder feedback & Detailed Design Consideration
CPC/SPAC STRUCTURE
GENERAL PARTNERS
Viable Assets that have been acquired by ANIREP will be managed by RE Manager JV. The members of RE Manager JV are EMCON, Doranova and JON. The Manager has a strong track record in planning, designing and project management of infrastructural projects in Namibia and Sub-Saharan Africa.
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JON
ANIREP has appointed Tulive Private Equity (Pty) Ltd as the Corporate Service Advisors.
Tulive Private Equity was founded in 2013 and approved as an investment manager by NAMFISA in 2015. It is a regulated private equity firm in Namibia and manages an infrastructure fund (Energy, Water, ICT, Logistic and Transport, Health, and Education).
Tulive Private Equity, directly and through strategic partnership, has strong financial, economic and project legal expertise and experience requisite to deliver its mandate.The firm also has experience in capital raising and extensive experience in dealing with listed and unlisted companies and the Namibian capital markets.
As the Investment Manager, Tulive Private Equity will be responsible for screening the financial, economic, legal and social and environmental viability of the asset recommended by the Technical Manager such as; performing parametric projections/ models presented by project owner, assessing the debt portion of the asset, determining the risk of the project and the real option valuation of the asset before recommending to ANIREP's investment committee for acquisition.
Executive Directors
Meklit Demamu
Chief Investment Officer
Hans Hamukoto
Chief Operating Officer
Antti Myllärinen
Chief Technical Director
Iyaloo Ya Nangolo
Managing Director
Non-Executive Directors
Ian Oosthuysen (Non-Independent)
Primus Hango-Chairman (Independent)
Mac Hengari (Independent)
Annegret Müseler (Independent)
Amb. Phillemon Kambala (Independent)
Gida Nakazibwe-Sekandi (Independent)
Executive Directors' CV
Iyaloo Ya Nangolo is the Managing Director of Tulive Group, a financial services group that has been in existence for more than 5 years. Iyaloo holds an MBA from the University of Cape Town and the London Business School. He has been involved in innovative capital raising structures for both local and international entities. He is also a qualified quantity surveyor. His fields of specialisation include: Advance Finance, Risk Management, Facility Management, Cost Engineering, Quantity Surveying and Project Management.
Hans Hamukoto is a director and business unit manager for power planning at EMCON. Hans obtained his National Higher Diploma and a B-Tech Degree in Electrical Engineering at Technikon Witwatersrand in 2001 and 2003, respectively. In his professional career, Hans has gained a wealth of experience in the areas of rural and urban electrification, township development, asset valuation, transmission, metering and vending systems, renewable energy, master planning, and off-grid electrification.
Antti Myllärinen (MSc. in Economics) is the CEO of Doranova and has extensive experience in international project sales and renewable energy solutions. Before joining Doranova, Antti worked for McKinsey & Company as a consultant and in the financial sector concentrating on Private Equity Financing.
Meklit S. Demamu is the Actuary of Tulive Group. She obtained her BSc (Hons) in Mathematics and Actuarial Science degree from the University of Leicester in the UK, in 2017. She gained 8 actuarial exemptions in only three years. She is a member of the IFoA (Institute and Faculty of Actuaries) and is pursuing the title of (FIA) Fellow of the Institute of Actuaries.
Chairman- Independent Director
Primus Hango is a Namibian business leader with exceptional governance skills and experience with pension fund management, investment oversight and capital markets. Primus was appointed Secretary of the Tender Board of Namibia in June 1991. He was the Principal Officer of the Government Institutions Pension Fund since 1995 and from April 1999 until 2011, the Chief Executive Officer. Primus, a former Chairman of the Namibian Stock Exchange, was again re-elected as Chairman on 10 June 2009 to the NSX Board until 2011.
Non-Independent Director
Ian Oosthuysen is a founding partner of Jordaan Oosthuysen Nangolo Construction Cost Engineering and Management. He is a professional quantity surveyor and is a member of the Namibian Council for Architects and Quantity Surveyors. He obtained his Bsc. Qs (Hons) degree in 1980 from the University of the Free State in South Africa and is a member of the South African Institute for Quantity Surveyors and of the Namibian Council of Architects and Quantity Surveyors. Ian was past President of Namibia Institute of Quantity Surveyor and past Vice President of Africa Association of Quantity Surveyors. He has more than 30 years of extensive experience and expertise.
Independent Director
Mac Hengari has an MBA in International Business and MSc in Energy Policy from Bristol and Surrey, respectively. Recently he served as the Founding Director of the Namibia Business School at the University of Namibia, having served as a Head of Department and Lecturer within the Faculty of Economic and Management Sciences. Prior to that, he served as an Economist at the United Nations Secretariat in New York as well as a Chief Economist at the Namibia Investment Centre. He is an entrepreneur who has been involved in the formation of a number of companies.
Independent Director
Gida Nakazibwe-Sekandi, APR, LLB, PRISA is an Executive Director of Capricorn Investment Group Limited since February 2007; she was a Non-Executive Director of the same group since November 2004. Currently, she is a Non-Executive Director of Bank Windhoek Ltd. since July 2005 and of UCL Resources Limited since January 2011. She practiced as a lawyer for over nine years in Uganda and Zimbabwe and is an accredited public relations practitioner.
Independent Director
Ambassador Phillemon Kondja Kambala is a Diplomat with MA in international relations from the University of Keele in the UK. From 1996 to 2006 he was the High Commissioner to the Federal Republic of Nigeria, and High Commissioner to South Africa from 2006 - 2013. After that, he served as a Public Service Commissioner from 2013 to 2016. He is now retired and resides in Windhoek.
Independent Director
Annegret Müseler is a fully qualified Chartered Account and has worked as an Auditor at Deloitte Namibia for three years. She has an exceptional experience in the financial Services, Insurance, Micro lending, Retail and Mining Industry. She obtained her BSc in Psychology from the University of Stellenbosch in December 2011 and Postgraduate Diploma in Accounting in 2014. She is a Member of the Institute of Chartered Accountants of Namibia and she was a Vice Chair of the Industrial Psychology Society.
Margaret holds an Electrical Engineering degree and a Master’s degree in Finance and Financial Law. In 1998, she was appointed by the Polytechnic of Namibia to establish and lead the electrical engineering department as the Head of Department In July 2003 Margaret was appointed Head of Generation to the national utility’s (NamPower) executive management. Her responsibilities included leading the Kudu Gas to Power Project from 2004 to 2009. From 2007, she was part of the NamPower business unit responsible for the implementation of capital projects where she headed the implementation of new power station projects, both conventional and renewable, as well as NamPower’s national Demand Side Management Project. Margaret served on the Namibian Airports Company Board as Vice Chairperson and has also served as the Vice Chairperson of the NamPower Tender Board.
Margaret Mutschler
Arthur qualified as a Chartered Accountant in 2003. He has extensive experience as a Head of Auditing, Head of Business Advisory Services, and Head of Finance obtained from his years working at Ernst & Young, Avani Hotel (ex-Kalahari Sands Hotel, which is part of Sun International), Shangelao Capital (Pty) Limited (a corporate finance advisory entity) and H&H Transport (Pty) Limited.He is a member of the Institute of Chartered Accountants of Zimbabwe and the Namibia Institute of Professional Accountants.
Arthur Katsvara
Aimé is the Managing Director and Founder of Raamba Engineering. He is a registered professional engineer who obtained a BSc degree in Civil Engineering at the University of Cape Town in the year 2001 and a BEng (Hons) degree in Structural Engineering at the University of Pretoria in 2006. He is a member of Engineering Council of Namibia, Engineering Council of South Africa and the Institution of Civil Engineers.
Aime Kubwimana
OUR VALUE PROPOSITION
INVESTMENT STRATEGY
The Fund will provide investors with good, predictable, and long-term yielding investments whilst providing investors with liquidity to further invest or exit their investments
Within two years, ANIREP will aim for its portfolio to conform to the following Investment Policy parameters:
Transaction Adviser Screens the Viable Assets
Note: The Investment Committee and the Board of Directors can always refer back to the Investment Manager and the Technical Manager for more information. Negotiations with the Viable Asset owner will be done via the RE Manager JV and Tulive Private Equity.
Investment Committee
Technical Adviser
Transaction Adviser
Shareholders
Board of Directors
A strong group of Non-Executive Independent Directors ( 5 out of 6 ) has been appointed to the Board.
The functions of the Investment Manager and the Manager have been separated.
An independent Investment Committee has been selected with no liaison with the Manager, the Transaction Adviser and ANIREP.
The voting right of all the Executive Directors and Mr Stephanus Adriaan Oosthuysen, regarding investments in Viable Assets of ANIREP, has been removed due to their relationship with the General Partner.
Approval of the acquisition of Viable Assets by independent Investment Committee, disinterested Directors and Shareholders.
The Investment Committee and the Board of Directors can always refer back to the Transaction Advisor and the Technical Manager.
ANIREP will be involved in the entire value chain of the electricity sector; Generation (Gx), Transmission (Tx) and Distribution (Dx).
The renewable energy types that ANIREP seeks to pursue for Viable Asset in generation are Biomass/Biogas, Hydro, Geothermal, Wave, Wind and Solar.
REFIT program
Out of 14 IPPS with a PPA for 5MW generation capacity each only 11 of the IPPs have been completed and commissioned for commercial generation as envisaged under the PPA with NamPower.
Baseload resources identified in Namibia
3 sites for Geothermal, 4 Sites for Biomass and 2 sites for Hydro generation projects.
We are targeting 2 of the biggest EPC contractors in Transmission and Distribution in Namibia. The transmission masterplan is estimated to be over N$5 Billion.
There is also vast opportunity in getting into a Public Private Partnership (PPP) agreement with NamPower for financing transmission projects in construction of new or upgrading the existing transmission lines.
By 2022, NamPower is required to upgrade to a higher voltage, which requires a capital of
N$7 Billion.
Opportunities are abound in working alongside utilities such as REDs and NamPower in a Public Private Partnership. Electrification rate is expected to reach 50% by 2020; the required capital to realise this goal is N$200 million over the next 2 years.
We also aim to provide off grid solutions to consumers further away from the national grid.
Net Metering
Under the recently approved Net Metering regulation, residential, public institutions and commercial customers can generate their own electricity using technologies such as roof-top based solar panels, wind generation and biomass to offset part of their conventional electricity requirements.
Micro/Mini Grid
Central generation for a community who are far away from the national grid. Opportunity for ANIREP to get into direct agreement with multiple people with in a community to sell power by setting up a micro/mini grid.
0%- ANIREP is interested
10%- Initial Interaction with Project owner
20%-Project owner willing to engage further after ANIREP fund raising
30%ANIREP already has obtained documentations of the project.
40%-ANIREP has exclusivity
50%-Due diligence of project done by technical Manager (RE Manager JV)
60%-Due diligence done by investment Manager (Tulive Private Equity)
70%- Negotiations done with project owner
80%-Approved by investment committee
90%-Approved by board of directors
100%-Approved by shareholders
Note: ANIREP intends to raise more capital after deploying the initial capital.
INITIAL YEAR OF REVENUE
From Year 4
FINANCIAL
From Year 2
From Year 1
Conservative Estimates
FINANCIALS
CONSOLIDATED IRR
2020 figures are calculated based on 6% inflation rate.
These fees are variable in nature, and depend on the capital raised and invested into Viable Assets. The fees quoted assume the successful raising of N$250 million. In the event of a smaller raising, the variable fees would be reduced in line with the amount raised in the Private Placement.
Amount: The subscription amount that, in the opinion of the Directors, must be raised by the Private Placement is N$ 250 000 000 or more.
The minimum subscription amount is N$50 000 000, which is viewed by the Board as the minimum ticket amount for which a single successful Viable Asset can be acquired.
Oversubscription: The board shall determine an appropriate allocation mechanism. The allocation mechanism might include issuing more shares from authorised pool (100,000,000 shares) as deemed necessary.
ANIREP's Industry Classification Benchmark (ICB)
Industry: 7000 Utilities
Super Sector: 7500 Utilities
Sector: 7530 Electricity
Sub sector: 7537 Alternative Electricity
Project Conceptualization
September 19 2018
March 8 2018
April 17
2019
April 30
2019
November 2017
ANY QUESTIONS ?