A consortium led by Mainstream Renewable Power was awarded Project Finance International’s Best Wind Deal, Middle East and Africa award this week for the 360 MW of wind projects it won under Round 3 of South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).
The three wind farms, located in the Northern Cape, represented a combined investment of $760-million, reached financial close in early 2015 and were under construction, with the first completed plant to start commercial operation in July.
Mainstream onshore procurement, construction and operations director Barry Lynch said the award was significant for Mainstream as it continued its focus on global growth markets where it was delivering large quantities of dependable, renewable-energy at a price which undercut new fossil fuel generation.
“In addition, we are bringing these power plants into commercial operation faster than coal-fired plants. Our Noupoort wind farm started construction early last year and will begin delivering power into the system over the coming months,” he added.
Mainstream was developing eight projects with a combined capacity of nearly 850 MW under rounds one to four of the REIPPPP.
Most recently, the company was awarded the 140 MW Kangnas wind farm and the 110 MW Perdekraal wind farm, in the Western Cape, which were expected to reach financial close later this year.
The equity members of the consortium included Mainstream Renewable Power; Actis, through its African joint venture Lekela Power; Thebe Investment Corporation; the Ideas Managed Fund, managed by Old Mutual Investment Group; Futuregrowth Asset Management; Genesis Eco-Energy in partnership with Lereko Metier Sustainable Capital; and local community members through established community trusts.