Mainstream Renewable Power Completes USD$520 Million Financial Close for Two Wind Farms in South Africa
DUBLIN, June 5, 2018 /PRNewswire/ --
Global wind and solar developer Mainstream Renewable Power has completed financial close for the Kangnas and Perdekraal East Wind Farms in South Africa, which have a combined capacity of 250 megawatts (MW). A consortium led by Mainstream was awarded the contracts for the wind farms by the Department of Energy under the fourth round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The wind farms, which are located in South Africa's Northern and Western Capes, represent an investment of approximately $520 million and are expected to commence construction June 2018.
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Mainstream has been awarded a total of 848MW of wind and solar projects under the REIPPPP programme since 2011, making it the country's most successful independent renewable energy developer. Mainstream has already delivered five wind and solar PV plants into operation under the programme, with a combined generation capacity of 600MW. It has bid a number of additional wind and solar PV projects under the Expedited Round, the results of which are expected shortly.
Hein Reyneke, Mainstream's General Manager for Africa said: "Our team here in South Africa is really excited to reach financial close and start constructing these projects, which will bring an $87 million community investment over 20 years once they start operating in 2020. We look forward to the results of the expedited fourth round of the REIPPPP, as well as further rounds, which are vital to securing a sustainable long-term, least-cost energy plan for the country."
He added: "Mainstream has been investing and building a local team in South Africa for almost a decade and with a portfolio of more than 3,000MW of wind and solar projects under development here, we are delighted to be making a significant contribution to building South Africa's low-cost and low-carbon power system whilst boosting rural communities."
Mainstream Renewable Power is the leading independent developer of utility-scale wind and solar power plants in high-growth emerging markets. The company is delivering a portfolio of 6.5 gigawatts (GW) of wind and solar assets across Latin America, Africa and Asia. In Chile, Mainstream wholly owns 1.3GW of fully contracted wind and solar projects in operation, in construction or at late stage development. The company is developing projects in Egypt, Senegal, Ghana, Vietnam and the Philippines. Mainstream has raised €1.6bn in project finance and employs 160 staff.
Contact: Emmet Curley, Tel: +353-86-241-1690 [email protected]
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