Mainstream Renewable won 12 PV and wind projects on South Africa
Post date: 01/11/2021 - 09:05
Irish wind and solar project developer Mainstream Renewable Power Ltd. announced that the consortium led by the company has been awarded 50 percent of the total allocation in the latest round of South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The 12 wind and solar projects have a total capacity of 1.27 GW and include six PV facilities with 75 MW each. They will produce approximately 4,500 Gigawatt hours (GWh) of green electricity each year, enough to power a third of the annual electricity demand of the City of Cape Town.
The consortium called »Ikamva«, which means »the future« in Xhosa, comprises Globeleq, Africa Rainbow Energy & Power, H1 Holdings and local community trusts. Mainstream owns 100 percent of the projects awarded. At financial close, ownership will transfer to the equity consortium: Mainstream (25 percent), Globeleq (26 percent), Africa Rainbow Energy & Power (23.25 percent), H1 Holdings (23.25 percent) and Community Trusts (2.5 percent). The bidding round has been almost four times oversubscribed.
According to Mainstream Renewable, the company has been awarded with over 2.1 GW in South Africa to date. This includes 850 MW of wind and solar generation assets that Mainstream has already delivered into commercial operation.
In May, Norwegian Aker Horizons ASA has closed the 75 percent acquisition of Mainstream Renewable Power Ltd. The transaction values at €900 million. Mainstream’s global portfolio is now at 16.2 GW.