Global institutional fund manager A.P. Moller Capital has signed an agreement to acquire 100% of renewable-energy developer and independent power producer Mainstream Renewable Power South Africa.

The transaction is subject to regulatory and other third-party approvals, and is being executed by A.P. Moller Capital-Emerging Markets Infrastructure Fund II (EMIF II) through a special purpose vehicle.

Mainstream South Africa, which was established in 2009, has 148 MW of assets in operation or under construction.

In a statement, A.P. Moller Capital partner Jens Thomassen also highlighted Mainstream South Africa’s strong development pipeline, which includes a 351 MW portfolio of “construction-ready” projects and an 11.6 GW development pipeline of solar, wind and battery storage prospects.

The acquisition is also said to build on A.P. Moller Capital's growing energy businesses across Africa, and South and Southeast Asia. These include Lumika Renewables in South Africa, Cabeólica in Cabo Verde, Eranove across West Africa, Impala Energy in Nigeria, East Africa Infrastructure Platform in Kenya, Verdant Energy in Southeast Asia and an announced investment in Rays Power Infra in India, which remains subject to completion.

A.P. Moller Capital intends partnering with the existing management team to expand Mainstream South Africa’s operating portfolio, grow its energy trading business and support the company’s next phase of development, the statement reads.

Mainstream Renewable Power CEO Julie Berg said the company was pleased that Mainstream South Africa would become part of EMIF II’s portfolio, with A.P. Moller Capital supporting the business in its next phase of growth.

“As Mainstream Renewable Power focuses on fewer markets, the South African business will benefit from an experienced infrastructure investor with the resources and expertise to support its development,” Berg said.
 

SAWEA