Irish firm raises $760m for South African wind

A Dublin-based renewable energy company has raised $760 million (£494m) to build three wind farms in South Africa. Mainstream Renewable Power was awarded contracts for the wind farms by the […]

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By Priyanka Shrestha

A Dublin-based renewable energy company has raised $760 million (£494m) to build three wind farms in South Africa.

Mainstream Renewable Power was awarded contracts for the wind farms by the Department of Energy under the third round of its Renewable Energy Procurement Programme.

The projects will have a combined capacity of 360MW.

Barry Lynch, Mainstream’s Managing Director, Onshore Procurement, Construction and Operations said: “Mainstream has been awarded more megawatts than any other developer. Between Rounds 1 and 3 we have been awarded six projects with a combined capacity of nearly 600MW.”

The company said the loans will cover around 75% of the project costs, with the Development Bank of South Africa providing 30%-40% while Barclays will lend the rest.

Construction of the wind farms in Northern Cape Province is expected to start later this month.