Mainstream Renewable Power Secures Financing For South African Projects

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Mainstream Renewable Power has completed financing totaling $760 million for three South Africa-based wind farms.

The wind farms comprise the following:

  • the 140 MW Khobab wind farm, located in the district municipality of Namakwa;
  • the 140 MW Loeriesfontein 2 wind farm, also in Namakwa; and
  • the 80 MW Noupoort wind farm, located in the local municipality of Umsobomvu.

The company says the Department of Energy in South Africa awarded the contracts under the third round of its Renewable Energy Procurement Program in 2013. The wind farms, which are all located in South Africa's Northern Cape province, are expected to commence construction this month.

According to Mainstream, the debt for the projects has been arranged and underwritten by Barclays and the Development Bank of Southern Africa. The consortium of Murray & Roberts and Conco has been appointed as construction contractor and Siemens Wind will supply and install the wind turbines. Simmons & Simmons and Bowman & Gilfillan acted as the lenders' legal advisor. Fasken Martineau and Stoel Rives acted as the sponsor's legal counsel.

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