South Africa DOE awards Mainstream Renewable Power preferred bidder status to deliver 238 MW of wind, solar projects into commercial operation by 2014; projects expected to close by June 2012, begin construction thereafter
December 7, 2011
– The consortium led by global renewable energy developer Mainstream Renewable Power was today awarded preferred bidder status by the Department of Energy in South Africa to deliver 138MW of wind energy and 100MW of solar PV into commercial operation by 2014. The award was made under the first round of the South African Government's Renewable Energy Procurement Programme.
The projects which represent an investment of ZAR 5 billion are expected to reach Financial Close by June 2012 and commence construction shortly thereafter.
The equity members of the consortium consist of:
The projects awarded are:
"As an experienced and established owner, operator and developer of power generation facilities, Globeleq is excited to be partnering with Mainstream to develop the various wind and solar projects in South Africa." Added Mikael Karlsson, Globeleq's CEO. He continued: "We believe that power generation using free and natural fuel sources such as the sun and wind to generate clean and sustainable electricity is a realistic energy solution. The Mainstream Projects are a perfect example of how we can grow the economy through use of affordable generation, job creation and protection of the environment while meeting South Africa's energy needs. This is an exciting step forward for the South African energy industry and further reinforces Globeleq's commitment to be the leading energy company in Africa."
Pieter Kriel, Thebe Power & Infrastructure Group Executive said: "This initiative will allow Thebe to get its new renewable energy investment programme off the ground through an initiative that is both good for the country's future electricity and carbon emission strategy, while offering the potential for very good returns. Mainstream, which has already committed to more than R5bn worth of renewable energy investments in South Africa, is one of the leading renewable energy companies in the world with a proven global track record and is an ideal investment partner for us."