A consortium led by Mainstream Renewable Power has reached financial close on two wind farms in South Africa totalling 250MW.
Construction of the 140MW Kangnas project, near Springbok in the Northern Cape, and the 110MW Perdekraal East facility, north-east of Ceres in the Western Cape, is expected to start this month.
Other equity investors in the projects are African Rainbow Energy and Power, H1 Holdings, Lekela, Old Mutual Life Assurance and local community trusts. IFC and the Rockefeller Brothers Fund are also part of the Mainstream consortium.
Siemens Gamesa will supply and install the wind turbines, with a consortium of Concor and Conco appointed as construction contractor.
Total investment in the projects will be about €445m.
ABSA arranged the debt for the projects, with Simmons & Simmons and White & Case acting as lenders’ legal advisor and Fasken and Stoel Rives the sponsors’ legal counsel.
Mainstream general manager for Africa Hein Reyneke said: “Our team here in South Africa is really excited to reach financial close and start constructing these two projects.”
Image: Mainstream Renewable Power
Mainstream flush for African wind
By EBS