Mainstream Renewable Power has signed a $117.5m equity investment with several investors, including the World Bank’s International Finance Corp, to accelerate the development of wind and solar plants in Africa.
The deal, which is subject to shareholder approval, provides equity funding for Mainstream’s Lekela Power joint venture with Actis to help build 1.3GW by 2018.
Lekela plans to build four more wind farms in South Africa, two wind farms and a solar plant in Egypt and wind farms in Senegal and Ghana.
The investors also include the IFC African, Latin American and Caribbean Fund and the IFC Catalyst Fund, which are managed by the IFC Asset Management Company, Ascension Investment Management and Sanlam.
First Avenue Partners acted as global placement agent for the transaction, while Simmons & Simmons was legal counsel to Mainstream and Norton Rose Fulbright for the investors.
Image: Mainstream Renewable Energy
Mainstream seals Africa cash
$117.5m in equity for wind and solar in Egypt, South Africa, Sengal and Ghana
By EBS