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Mainstream, Actis launch $1.9bn renewable energy platform in Africa

CTBR Staff Writer Published 18 February 2015

Mainstream Renewable Power and Actis have launched a $1.9bn renewable energy generation platform for the African market.

Wind

The platform, dubbed Lakela Power, will develop between 700MW and 900MW of wind and solar power projects across the continent by 2018.

Mainstream will own 40% stake of Lekela Power with Actis holding the remaining 60% interest.

The new platform builds on earlier partnerships between Mainstream and Actis that saw both the companies work together on several energy projects in Africa and Chile.

The platform will have 360MW of wind energy projects in South Africa and the 225MW Ayitepa wind farm in Ghana.

Other African projects from Mainstream's development pipeline will also be transferred to Lakela Power.

Commenting on the platform, Actis partner, head of renewable energy Lucy Heintz said: "With soaring demand and funding constraints, Africa's need for renewable energy is pressing.

"In South Africa for example, currently 95% of the country's electricity is generated by coal-fired power stations. While the region has significant natural and fossil fuel resources a lack of long-term investment has led to a reliance on emergency and short-term diesel generation."

The project pipeline of Mainstream includes more than 19,000MW in development and 334MW in construction and operation.

Actis has invested over $1.9bn since 2002 in 27 energy transactions across 21 countries, delivering electricity access to more than 30 million people.

Image: Lakela Power will have 360MW of wind energy projects in South Africa. Photo: Courtesy of Mainstream Renewable Power.