NamPower marks N$5bn NSX return
The Namibia Power Corporation (NamPower) listed its N$5 billion Domestic Medium-Term Note (DMTN) programme on the Namibian Securities Exchange (NSX), marking a significant expansion for the country’s capital markets.
The listing was formalised this week at the 2026 Cirrus Investor Conference in Swakopmund. The move, coordinated in partnership with co-lead arrangers Cirrus Securities and Nedbank Namibia, allows the state-owned utility to access domestic debt through a flexible, long-term framework.
The N$5 billion programme is designed to support a variety of instruments, including green and sustainable notes. This ensures NamPower can secure debt on the most favourable terms while aligning its funding with specific renewable energy and infrastructure projects.
The road to listing
The listing follows two years of extensive preparation, involving complex legal and regulatory approvals. While Cirrus Securities led the documentation for the NSX listing, Nedbank Namibia worked alongside NamPower to develop a new sustainable finance framework.
"We are delighted to list our programme on the NSX. This platform provides us with flexible, cost-effective access to domestic capital and reinforces our commitment to Namibia’s financial sector," said NamPower MD, Kahenge Haulofu. "We look forward to using this programme to support our strategic growth while offering investors attractive debt instruments."
Romé Mostert, director of Cirrus Securities, added: "This landmark transaction confirms the sophistication of Namibia’s debt capital markets and provides institutional investors with diversified opportunities."
How the programme works
A Domestic Medium-Term Note programme allows an issuer to raise capital efficiently over an extended period. Once listed on the NSX, NamPower can issue multiple tranches of notes, with varying tenors, currencies, and interest rates, under a single approved umbrella.
By removing the need for fresh regulatory approvals for every individual issuance, the structure is intended to enhance liquidity, transparency, and investor confidence in Namibia’s fixed-income market.
Historical context
This is not the utility’s first foray into the markets. NamPower made its first major move into public capital in mid-2007 by launching a R3 billion bond programme. Rand Merchant Bank placed an initial R500 million tranche of 13-year corporate bonds at the time, which was oversubscribed with bids reaching R820 million.
Further bonds were listed on the NSX in subsequent years, including Namibia-only issues around 2009. These helped to broaden non-government debt offerings on the local exchange alongside other major issuers such as Bank Windhoek.
NamPower de-listed its existing bond programme from both the JSE and NSX after the 2021/22 financial year. The move reflected a review of future funding needs, with the company shifting its emphasis toward development finance institutions (DFIs), government support, and more tailored structures.
