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