South Africa: Financial close for two wind projects

07 Jun 2018

Lekela Power BV, a joint venture between private equity firm Actis and Mainstream Renewable Power, announced on 5 June that its 140MW Kangnas and 110MW Perdekraal East wind projects in South Africa have reached financial close. The projects were selected in the fourth round of the country’s renewable energy independent power producer procurement programme (REIPPP) in 2015, although the signing of key agreements was delayed until April.

Kangnas is located near Springbok in the Northern Cape and Perdekraal East in the Western Cape near Touwsrivier. Construction will begin shortly and is expected to take up to 28 months to complete. Murray & Roberts Construction and Conco are the engineering, procurement and construction contractors for the projects. Both plants will use Siemens wind turbines with hub height of 115 metres and 108 metre rotor diameter, with 61 turbines at Kangnas and 48 at Perdekraal East.

Lekela owns 60% of the projects, which represent a combined investment of around $515m, with 25% owned by the Infrastructural, Developmental and Environmental Assets (Ideas) Managed Fund and 15% by local community trusts.

“As the demand for clean, reliable power increases in African countries, bringing renewable energy online quickly becomes more crucial”, Lekela chief executive Chris Antonopoulos said. “Looking ahead, we expect to see construction start on wind projects in Senegal and Egypt before the end of the year as well.”

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