Mainstream Renewable Power, a global wind and solar developer, has completed financial close for two wind farms in South Africa.
These two wind farms, Kangnas and Perdekraal East, have a total capacity of 250MW and represent an investment of nearly $520m.
Mainstream-led consortium won contracts for the wind farms from the Department of Energy under the fourth round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).
Construction works of these wind farms are expected to start this June.
Since 2011, Mainstream has won a total of 848MW of wind and solar projects under the REIPPPP.
Under REIPPPP, Mainstream has delivered five wind and solar PV plants, with a total generation capacity of 600MW.
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By GlobalDataIt has also bid for additional wind and solar PV projects under the Expedited Round, the results of which are expected soon.
Mainstream general manager for Africa Hein Reyneke said: “Our team here in South Africa is really excited to reach financial close and start constructing these projects, which will bring an $87 million community investment over 20 years once they start operating in 2020.
“We look forward to the results of the expedited fourth round of the REIPPPP, as well as further rounds, which are vital to securing a sustainable long-term, least-cost energy plan for the country.”
Mainstream has been investing in South Africa for almost a decade and has a a portfolio of more than 3,000MW of wind and solar projects under development.
Mainstream Renewable Power has a portfolio of 6.5GW of wind and solar assets across Latin America, Africa and Asia.
In Chile, the company owns 1.3GW of completely contracted wind and solar projects in operation, in construction or at late stage development.
It is also developing projects in Egypt, Senegal, Ghana, Vietnam and the Philippines.
The company has raised €1.6bn in project finance.
