Ireland to fund South Africa US $521m for two wind farms

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Ireland, based Mainstream Renewable Power, a green energy company  has sealed a deal to finance the US $521m development of two wind farms in South Africa targeted to produce 250MW.

The partners brought in to finance the development of the wind farms include African Rainbow Energy Power, Mainstream’s minority-held pan-African joint venture Lekela, and Old Mutual Life Assurance Company, South Africa.

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Mainstream Renewable Power

Mainstream, which was set up by green energy entrepreneur Eddie O’Connor, has staff across four continents who are focused on delivering more than 7,000MW of wind and solar assets in construction and development, including a 1,300MW Chilean scheme being developed on foot of contracts won by the company from the country’s government in 2016.

The company has been awarded a total of 848MW of wind and solar projects under a South African renewable energy procurement programme since 2011 and has delivered five plants to date, with a combined generation capacity of almost 600MW.

ABSA has arranged the debt for the projects where else the consortium of Concor and Conco has been selected to be the construction contractor, while Siemens Gamesa Renewable Energy ,SGRE will be the supplier of wind turbines.

Construction at the wind farms is expected to begin in June and they are expected to begin commercial operation in 2020.The 140 MW Kangnas Wind Farm in the Northern Cape and the 110 MW Perdekraal East Wind Farm in the Western Cape are set to power more than 140,000 houses in the country on completion.