Mainstream Renewable Power and private equity firm Actis have established a US$1.9 billion investment platform for the African market.
Lakela Power will develop between 700 and 900MW of projects across the continent by 2018. The majority will be wind with 360MW of already procured in South Africa and a 225MW project in Ghana approaching financial close. Projects have also been awarded to it in Egypt’s recent procurement round.
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Other African project’s from Mainstream’s 17GW development pipeline will also transfer to Lakela.
“In addition to Mainstream's extensive portfolio of projects in South Africa we are also developing projects in Ghana as well as pursuing exciting opportunities in other parts of Africa,” said Barry Lynch, managing director, onshore procurement, construction and operations.
“An improvement in the regulatory regime in many African countries has opened up the sector for further investment,” said Lucy Heintz, partner, head of renewable energy, Actis. “Drawing on our deep understanding of the renewable energy sector, we are looking forward to unlocking the country’s formidable renewable resources and meeting some of the urgent demand,” she added.
The opportunities and challenges for PV in East Africa will be under discussion at Solar Energy East Africa, organised by PV Tech’s publisher, Solar Media. The event will be held in Nairobi on 10-11 March. Further details are available here.