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Mainstream lauds financial close on 360 MW of S Africa wind

2.3-MW Siemens turbine. Source: Siemens AG. www.siemens.com/press

Feb 12, 2015 (SeeNews) - Mainstream Renewable Power said on Thursday that a consortium led by the Irish company has achieved financial close on three South African wind projects of 360 MW in total.

Mainstream expects that construction on the wind parks will be initiated this month. The total cost of the three projects stands at around ZAR 9 billion (USD 764.4m/EUR 673.8m).

More specifically, the group has obtained the needed financing for the 140-MW Khobab, 140-MW Loeriesfontein 2 and 80-MW Noupoort wind projects in South Africa’s Northern Cape province. The schemes were awarded in October 2013 under the third round of the country’s Renewable Energy Procurement Programme.

UK lender Barclays and the Development Bank of Southern Africa arranged the project debt financing. Construction will be undertaken by Murray & Roberts and Conco, while Siemens will supply and erect the wind turbines.

In addition to Mainstream, the consortium behind the wind projects includes the Actis Energy 3 Fund; Thebe Investment Corp; an Old Mutual Investment Group-managed fund; Futuregrowth Asset Management; Genesis Eco-Energy in partnership with Lereko Metier Sustainable Capital; and community trusts set up by local community members.

The Irish company has now completed 238 MW of wind and solar projects in South Africa, awarded in the first round of the particular governmental programme. Mainstream is also progressing with projects in Chile and in UK waters.

(ZAR 10 = USD 0.849/EUR 0.749)

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