Mainstream Renewable Power Reaches Financial Close on 50 MW Solar PV Plant to Offer Flexible PPAs to Private Customers in South Africa

Cape Town, 03 October 2024: Mainstream Renewable Power (“Mainstream”), a pure-play global wind and solar company, has reached financial close on its 50 MW Ilikwa solar PV plant. The power from this plant will supply multiple private commercial and industrial customers through flexible, shorter-term Power Purchase Agreements (PPAs) under a new product called Renewable Energy Supply Agreements (RESAs).

This innovative offering opens up the energy market in South Africa by allowing a wider range of businesses to access affordable, reliable, and renewable power through shorter-term energy contracts of between five and 10 years.

Hein Reyneke, General Manager for Africa at Mainstream, stated:"We are excited to bring this new product to market, offering customers the opportunity to secure flexible, clean, and lower-cost electricity. With a 12 GW portfolio, Mainstream has one of the largest and most advanced pipelines of projects in the country. Importantly, we have a further 180 MW of projects ready for construction in 2025 and we encourage businesses to take advantage of the benefits this new product offers."

Investec has partnered with Mainstream to provide pre-construction development finance, as well as debt and equity finance for the construction of the plant. Martin Meyer, Head of Energy and Infrastructure Finance at Investec, commented:"We are proud to have partnered with Mainstream in this groundbreaking initiative that enhances energy access for businesses in South Africa and aligns with our commitment to sustainable development and the reduction of carbon emissions. Investec was able to implement bespoke funding solutions to enable the project to reach financial close."

Mainstream holds a 70% equity stake in the project, with Investec holding the remaining 30%. Construction of the Ilikwa solar PV plant, located in the Free State province, is already underway and is expected to reach commercial operation in early 2026. When fully operational, the plant will produce 141 GWh of electricity annually, powering the equivalent of more than 42,000 homes and avoiding the release of approximately 100,000 tons of CO2 each year.

About Mainstream Renewable Power

Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets including Europe, Latin America, Africa, and Asia-Pacific. It is one of the most successful developers of gigawatt-scale renewables platforms across onshore wind, offshore wind, and solar power generation. Mainstream has successfully delivered 6.6 GW of wind and solar generation assets to financial close-ready status and has a global pipeline of 24.8 GW, with 1 GW in operation.

In South Africa, Mainstream has developed and delivered ten wind and solar plants with a combined capacity of almost 1 GW. To date, Mainstream has raised over EUR 3.0 billion in project finance and has a presence across five continents.

Website: www.mainstreamrp.com

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