Mainstream Renewable Power Consortium Awarded 360MW of Wind Projects in South
Africa Government Tender
DUBLIN, October 29, 2013
DUBLIN, October 29, 2013 /PRNewswire/ --
Circa 9 billion Rand investment due to start construction next year
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
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 €100 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 in Ireland."
The wind farms awarded under this round are:
oThe 140MW Khobab Wind Farm located in the District Municipality of Namakwa
in the Northern Cape.
oThe 140MW Loeriesfontein 2 Wind Farm located in the District Municipality
of Namakwa in the Northern Cape
oThe 80MW Noupoort Wind Farm located in the Local Municipality of Umsobomvu
in the Northern Cape
The equity members of the consortium consist of:
oThebe Investment Corporation; one of South Africa's most established broad
based BEE Investment management companies (advised by Bridge Capital).
oThe IDEAS Managed Fund, managed by Old Mutual Investment Group, one of
Africa's largest independent investment managers.
oFuturegrowth Asset Management, a leading investor in developmental assets.
oGenesis 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 programme.
oLocal Community Members.
oMainstream 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 offshore projects.
It employs more than 180 experienced staff across four continents with offices
in Berlin, Cape Town, Chicago, Dublin, Glasgow, Johannesburg, London, Santiago
Mainstream Renewable Power
SOURCE Mainstream Renewable Power
Press spacebar to pause and continue. Press esc to stop.