Fingen Spa Is investing in the development of photovoltaic parks in Namibia.
Namibia offers a significant potential for the development of photovoltaic systems, in that:

1) at present, the country suffers from a severe shortage of energy that is certain to escalate in future, as is the case in most of Africa's emerging economies;

2) Namibia has one of the highest solar radiation levels in the world, which means it is possible to maximise energy production by means of photovoltaic modules;

3) there is plenty of space, available at affordable prices, for the installation of photovoltaic panels;

4) the electrification of the country is still rudimentary and hence PV parks are a viable means to supply energy to areas of the country that cannot be serviced by the power grid.

Fingen has just established Namibia Solar World Ltd. as the holding company for its future photovoltaic business in Africa.

The company will be partly owned by local partners, with a shareholding of up to 15%, and will profit from a partnership with one of the greatest Chinese groups active in the production and installation of PV modules.

The first project that Fingen Spa is currently negotiating with the Namibian government is the construction of a 40MW photovoltaic park in the vicinity of Windhoek.

Fingen believes the PV module installation potential in Namibia will be ca 100MW over a five-year period, and is planning to develop a retail business for the sale of PV systems for household use.

At a later stage, Fingen plans to replicate the photovoltaic project implemented in Namibia in nearby countries with whom it has initiated preliminary negotiations.