Renewable energy developer Mainstream has received $117.5 million to accelerate its wind and solar plants projects in Africa. The agreement related to the funding which is still to be approved by the firm’s shareholders should help finance Lekela Power, in joint-venture with Actis.

With the funding, Lekela will be able to achieve its goal knowingly develop 1,300 MW power plants across the continent, by 2018. The platform in effect plans to build four additional wind plants in South Africa, two wind farms and a solar plant in Egypt, as well as a wind park in Senegal and Ghana.

Mainstream mobilized these funds in exchange for giving up part of its shares. Main investors include International Finance Corporation, Latin American and Caribbean Fund (ALAC), two SFI funds managed by the IFC Asset Management Company, Ascension Investments Management and Sanlam.

Gwladys Johnson