Circa 9 billion Rand investment due to start construction next year
DUBLIN, Oct. 29, 2013 /CNW/ - A consortium led by global wind and solar
company Mainstream Renewable Power was today awarded Preferred Bidder
status by the Department of Energy in South Africa for three
large-scale wind energy projects in the Northern Cape with a total
generation capacity of 360 megawatts. The award was made under the
third round of the South African Government's Renewable Energy
Procurement Programme. A Mainstream consortium was also awarded 238
megawatts of wind and solar projects in the first round of the
programme in 2011 and the three projects are on track to be fully
operational in mid-2014.
(Logo: http://photos.prnewswire.com/prnh/20130606/618541 )
The projects, which represent an investment of approximately ZAR 9
billion, are expected to reach Financial Close by August next year and
commence construction shortly thereafter.
Commenting on the announcement, Eddie O'Connor, Chief Executive of
Mainstream Renewable Power said: "The team here in Mainstream is
delighted with our success today. I understand the quality was very
high; there were 93 bids submitted, only 17 were successful today and
we won three of those. Mainstream is now the leading developer of
renewable energy in South Africa; we have three wind and solar projects
due to be operational in the coming months and now a further three
large-scale wind farms due to start construction next year. More than
five years ago Mainstream identified the future potential of the South
African market and we are delighted that the quality of our projects
and the experience of our team has been recognised today.
He continued: I congratulate the South African government for putting in
place a process which is truly world-class and for the superb manner in
which it has been executed. This win underpins Mainstream's long-term
commitment to working with partners to bring the benefits of renewable
energy, not only to South Africa but to the continent of Africa.
This marks an extraordinarily successful time for Mainstream globally.
This month we closed a EUR100 million equity investment with Japanese
Trading House Marubeni Corporation, we signed a ground-breaking deal
with Actis in Chile to build 600MW of wind and solar projects by 2016;
more than 500 private landowners have signed up for our 5,000MW wind
export project in Ireland and IKEA purchased our Carrickeeny wind farm
The wind farms awarded under this round are:
The 140MW Khobab Wind Farm located in the District Municipality of
Namakwa in the Northern Cape.
The 140MW Loeriesfontein 2 Wind Farm located in the District
Municipality of Namakwa in the Northern Cape.
The 80MW Noupoort Wind Farm located in the Local Municipality of
Umsobomvu in the Northern Cape.
The equity members of the consortium consist of:
Thebe Investment Corporation; one of South Africa's most established
broad based BEE Investment management companies (advised by Bridge
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
Genesis Eco-Energy in partnership with Lereko Metier Sustainable
Capital. Genesis Eco Energy is a pioneering South African renewable
energy developer which has been active in South Africa since 2001.
Lereko Metier Sustainable Capital is a clean technology private equity
fund with exposure to projects in round 1 and 2 of the renewable energy
Local Community Members.
Mainstream Renewable Power.
The debt for the projects has been arranged and underwritten by
Barclays, the Development Bank of Southern Africa and EKF the Danish
export credit agency.
About Mainstream Renewable Power
Mainstream Renewable Power is one of the world's leading independent
developers of renewable energy projects. With a development pipeline of
over 19GW globally it is currently constructing solar and wind farms
across Ireland, South Africa, Chile and Canada.
As Europe's leading independent offshore wind developer Mainstream is
developing just under 8GW of offshore wind projects in England,
Scotland and Germany with 4.45GW of secured grid connection for these
It employs more than 180 experienced staff across four continents with
offices in Berlin, Cape Town, Chicago, Dublin, Glasgow, Johannesburg,
London, Santiago and Toronto.
SOURCE: Mainstream Renewable Power
For further information:
Mainstream Renewable Power