Mainstream Secures Financing for South African Wind Projects
Dublin-based renewable energy generator Mainstream Renewable has secured funding to develop two South African wind power projects with a combined capacity of 250 megawatts (MW) it said on Tuesday.
The 140 MW Kangnas Wind Farm in the Northern Cape and the 110 MW Perdekraal East Wind Farm in the Western Cape represent an investment of about 6.6 billion rand ($521 million), Mainstream said.
Companies providing equity for the project alongside Mainstream include African renewable power generation company Lekela and independent investment managers Old Mutual Life Assurance Company.
Mainstream did not provide a breakdown of each companies' holding in the new projects.
A consortium led by Mainstream was awarded contracts for the wind farms by the Department of Energy in South Africa under the fourth round of its Renewable Energy Independent Power Producer Procurement Programme.
Construction at the wind farms is expected to begin in June and they are expected to begin commercial operation in 2020.
Wind turbines for the projects will be supplied by Siemens Gamesa Renewable Energy.
($1 = 12.6745 rand)
(Reporting by Susanna Twidale Editing by Edmund Blair)