Mainstream Renewable Power Consortium Awarded 360MW of Wind Projects in South Africa Government Tender

Mainstream Renewable Power Consortium Awarded 360MW of Wind Projects in South 
Africa Government Tender 
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. 
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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 in Ireland." 
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 Capital).
    --  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 assets.
    --  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 programme.
    --  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 offshore projects.

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 
Mainstream Renewable Power Emmet Curley Tel: +353-1-290-2027 
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CO: Mainstream Renewable Power
-0- Oct/29/2013 17:42 GMT
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