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MEMORANDUM OF UNDERSTANDING SIGNED WITH EDF ENERGIES NOUVELLES AND INNOSUN

On December 4th, at the occasion of the Climate Conference in Paris (COP21), CGN Europe Energy, EDF ENERGIES NOUVELLES (EDFEN) and InnoSun signed a three-party memorandum of understanding at le Bourget in Paris. As noted in the memorandum, the three parties will cooperate in the investment, construction and operation of 500 MW clean energy power plant in Namibia. The Minister of environment of Namibia, the France Ambassador to Namibia and the Minister-Counselor of Economic and Commercial Affairs at the Embassy of China attended the ceremony. The signing of this agreement marks the development of cooperation between China and France in third markets.

In recent years, Namibia is facing a serious power shortage. According to the report published in March 2015 by Namibia’s national power utility, Namibia’s total electricity demand (peak) is 524 MW whereas the Peak power supply capacity is only 300MW. At present, Namibia’s national power utility can only meet 40% of the demand of the electricity market (of which 99% from the Ruacana hydroelectric power plant), and the rest 60% depends on electricity imports, the main importer is Southern African Power Pool (SAPP), including South Africa, Mozambique, Zimbabwe, Zambia and other countries.

As a promoter of renewable energy in Europe, CGNEE participates actively in the development, construction and operation of European renewable energy projects. Through this cooperation, CGNEE hopes to promote together with EDFEN the development and construction of renewable energy project. InnoSun entered the Namibian market since 2008, and the company has developed a 4.5 MW PV project which is put into commercial operation in May 2015 and has become Namibia’s first clean energy project. EDF works actively in the global renewable energy field, and in 2011, EDFEN has entered the market of Namibia’s neighboring countries.

CGNEE, EDFEN and InnoSun will adhere to a common goal and jointly develop InnoSun’s 500 megawatts of solar and wind power projects in Namibia, in order to provide clean energy for local people as well as to build a low-carbon home.