DUBLIN, Nov. 12, 2012 /CNW/ - Global renewables developer Mainstream
Renewable Power has signed the key Financing, Power-Purchase and
Implementation Agreements with the South African Government for its
wind and two solar projects in South Africa which have a combined
investment value in excess of 500 million Euro. Mainstream will issue
Notice to Proceed to its construction contractors this week on all
three projects which are scheduled to be fully operational by mid 2014.
The projects comprise the 138MW Jeffreys Bay wind farm located in the
Eastern Cape; the 50MW De Aar solar PV farm located in the Municipality
of Emthanjeni in the Northern Cape; and the 50MW Droogfontein solar PV
farm located near the town of Kimberley in the Northern Cape.
Mainstream has developed these projects over the last four years and was
responsible for gaining all consents, grid connections, project
finance, construction contracts, equipment procurement and will also
manage the full construction programme under the supervision of a joint
steering committee with Globeleq.
In November 2011 Mainstream put together and was the lead member in a
consortium which bid for licences to build the three projects under the
South African Government's first Renewable Energy Independent Power
Producer Programme (REIPPP). In December 2011 the Government announced
the consortium had been successful in winning all three contracts in
the competitive bidding process.
Members of the consortium include emerging markets power company
Globeleq as the strategic equity partner, Thebe Investment Corporation
(advised by Bridge Capital), local engineering firms Enzani
Technologies and Usizo Engineering as well as local community trusts.
Old Mutual's IDEAS Managed Fund is an additional consortium member of
the Jeffreys Bay Wind Farm.
The projects, which are among the very first to be built in the country
have been co-developed with Mainstream's local partner, renewable
energy developer Genesis Eco-Energy, which has been active in South
Africa since 2001.
"This milestone reinforces the leading position of Mainstream in the
South African electricity market," commented Eddie O'Connor
Mainstream's Chief Executive. "We have recently raised money on the
world markets which we are delighted to commit to developments in South
Africa and we look forward to having the 238MW of wind and solar plant
operational in mid 2014."
He continued: "The South African government has shown tremendous vision
and foresight in creating this new and sustainable industry for South
Africa, firmly placing it on the world map for renewable energy
generation. Mainstream is fully committed to playing a leading role in
the delivery of this vision, to bringing significant socio-economic
benefits to the areas in which we're building the projects as well as
clean, free-fuel energy to South Africa."
Notes to editors
During construction, the projects are expected to generate hundreds of
jobs and once operational, the project revenues will benefit the local
communities through socio-economic and enterprise development. The
projects are expected to produce 635 GWh of electricity, enough to
supply up to 48,000 households and displace approximately 628,000 tons
of carbon emissions per year.
Mainstream Renewable Power is one of the world's leading independent
developers of renewable energy projects. With a development pipeline of
over 15GW globally it has started construction on its first wind farm
in Ireland and is about to start building five further wind and solar
projects in South Africa, Chile and Canada this year.
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 150 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:
Emmet Curley, Mainstream Renewable Power, Ph: +353-1-290-2027