Mainstream Renewable Power Completes Financing On Three South African Wind Farms
Renewable energy company Mainstream Renewable Power has announced the completion of financing for three wind farms to be built in South Africa which will have a combined capacity of 360 MW.
A consortium led by Mainstream Renewable Power was awarded the contracts for the three wind farms in 2013 by the country’s Department of Energy under the third round of its Renewable Energy Procurement Program.
The three wind farms are all to be constructed in South Africa’s Cape Province, and are likely to begin construction later this month. Specifically, the 140 MW Khobab Wind Farm will be located in the District Municipality of Namakwa in the Northern Cape; the 140 MW Loeriesfontein 2 Wind Farm will be located in the District Municipality of Namakwa; and the 80 MW Noupoort Wind Farm located in the Local Municipality of Umsobomvu in the Northern Cape.
“The team here at Mainstream is delighted with our success today,” said Barry Lynch, Mainstream’s Managing Director, Onshore Procurement, Construction and Operations. “Mainstream has been awarded more megawatts than any other Developer under the South African Government’s Renewable Energy Procurement Programme. Between Rounds 1 and 3 we have been awarded six projects with a combined capacity of nearly 600 megawatts.”
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“We are delighted to have recently delivered three wind and solar farms from Round 1 into commercial operation on budget and once again we are working with many of the same debt and equity partners, construction contractors and turbine supplier,” Lynch continued.
The equity members of the consortium involved in the project include:
- Mainstream Renewable Power
- Actis, through its Actis Energy 3 Fund, a leading energy investor in emerging markets
- Thebe Investment Corporation; one of South Africa’s most established broad based BEE Investment management companies
- The IDEAS Managed Fund, managed by Old Mutual Investment Group, one of Africa’s largest independent investment managers
- Futuregrowth Asset Management, a leading investor in developmental assets
- Genesis Eco-Energy in partnership with Lereko Metier Sustainable Capital
- Local Community members through established community trusts.
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