Mainstream Announces $1.9 Billion Pan-African Renewable Energy Platform
Global wind and solar energy company Mainstream Renewable Power announced the launch of a pan-African renewable energy platform on Tuesday, which will be developed in partnership with private equity firm Actis.
The project, entitled Lekela Power, will provide between 700 and 900 MW of wind and solar power across Africa by 2018.
The news comes hot on the heels of Mainstream’s announcement last week that it had completed financing for three wind farms set to be built in South Africa which will have a combined capacity of 360 MW.
“We are delighted to be working on our third collaboration with our financial partner Actis which once again draws on Mainstream’s world- class portfolio of wind and solar projects and our track record delivering them into commercial operation on time and on budget,” said Barry Lynch Mainstream’s Managing Director, Onshore Procurement, Construction and Operations. “In addition to Mainstream’s extensive portfolio of projects in South Africa we are also developing projects in Ghana as well as pursuing exciting opportunities in other parts of Africa.”
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The Lekela Power project will work in a similar fashion to previous projects that Mainstream and Actis have partners on, including two successful partnerships in South Africa and Chile: Mainstream will take full responsibility for end-to-end management of the projects, whereas presumably Actis will find the money.
“With soaring demand and funding constraints, Africa’s need for renewable energy is pressing,” added Lucy Heintz, Partner, Head of Renewable Energy at Actis. “In South Africa for example, currently 95% of the country’s electricity is generated by coal-fired power stations. While the region has significant natural and fossil fuel resources a lack of long-term investment has led to a reliance on emergency and short-term diesel generation.”
Actis was one of several partners in the consortium responsible for last week’s announced 360 MW of South Africa wind energy.
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