(Ecofin Agency) - Mainstream Renewable Power announced it has completed a fundraising operation aimed at financing the construction of two wind power plants in Kangnas (140 MW) and Perdekraal East (110 MW). This successful operation was conducted by a poll of financiers led by ABSA Bank and allowed to raise the R6.6 billion (over $518 million) required for both facilities.

The mobilization has seen the participation of African Rainbow Energy and Power, H1 Holdings, a group of local communities, Lekela, Mainstream, IFC, the Rockefeller Brothers Fund and Old Mutual Life Assurance. Construction works, scheduled for this month, will be run by a consortium of Concor Holdings and Conco, while Siemens Gamesa Renewable Energy will supply and install the wind turbines.

Once completed, the project will increase to 848MW, Mainstream’s share in South Africa’s solar and wind capacity.

Gwladys Johnson Akinocho