Home » Andrada Strikes N$175m Deal for Solar Plant Construction

Andrada Strikes N$175m Deal for Solar Plant Construction

Andrada Subsidiary Secures N175m Financing for Potential Funding of 5 MW UIS Solar Plant

by Motoni Olodun

African tech metals mining company, Andrada Mining, has announced that its subsidiary, Uis Tin Mining Company (UTMC), has entered into a conditional credit-approved N$175-million funding agreement with Bank Windhoek Limited (BWL). The agreement includes a conditional term sheet for a N$100-million loan and agreed headline terms for short-term loan facilities of N$15-million.
Furthermore, BWL intends to refinance UTMC’s working capital facilities of N$50-million and provide Andrada subsidiary AfriTin Mining (Namibia) with a N$10-million guarantee to Namibia Power Corporation for the right to supply electrical power.
Interestingly, BWL has expressed interest in funding the construction of a 5 MW solar plant at the Uis lithium, tin, and tantalum mine. This move aligns perfectly with Andrada’s current and future funding needs and is expected to increase cash flow, empowering the company to execute key operational decisions.
The improved working capital facility will better support production increases year-on-year. Andrada CEO Anthony Viljoen expressed excitement about partnering with a respected Namibian-owned financial institution like Bank of Windhoek
This partnership is a beacon of hope for the future of renewable energy and sustainable mining practices. It’s a testament to the potential of collaboration between mining companies and financial institutions in driving forward the green energy revolution.

Source: Mining Weekly

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