The Rockefeller Brothers Fund has confirmed its involvement in a $117.5 million investment deal with global wind and solar company Mainstream Renewable Power.
According to the announcement, the Rockefeller Brothers Fund has contributed $10 million as part of an investor consortium to a larger $117.5 million investment deal which was signed in June, and will finance Mainstream Renewable Power’s continued expansion of the Lekela Power platform, a pan-African renewable energy generation platform established in 2015.
“The teaming up of the world’s leading independent renewable power developer with a foundation started by members of the family that effectively founded the global oil industry, is a significant moment in the world’s transition to a new power system based on clean energy,” said Eddie O’Connor, Mainstream Renewable Power CEO.
“Providing electricity for the people of Africa requires huge investments and is an opportunity to re-kindle growth and help the world economy overcome secular stagnation. We hope this will be the first investment of many from impact investors in this sector.”
“I am very pleased the RBF will invest in Mainstream, an investment sourced by our Outsourced Chief Investment Officer, Perella Weinberg Partners, which will bring renewable energy to communities across Africa,” added Stephen Heintz, president of the Rockefeller Brothers Fund. “I’m confident that if John D. Rockefeller were alive today, he too would recognize the enormous opportunities in the clean energy economy and be at the forefront of the global shift to renewable resources.”
The Lekela Power platform has already secured renewable energy projects throughout Africa — in South Africa, Ghana, and Egypt, with a total portfolio of at least 1,110 MW.
Also involved in Mainstream Renewable Power Africa Holdings, Mainstream’s funding vehicle for Lekela, are IFC, the IFC African, Latin American and Caribbean Fund (ALAC) and the IFC Catalyst Fund, two funds managed by IFC Asset Management Company, Ascension Investment Management, and Sanlam.