Mainstream Renewable Power has signed US$ 117.5 million equity investment from investors including IFC, the IFC African, Latin American and Caribbean Fund (ALAC) and the IFC Catalyst Fund, two funds managed by IFC Asset Management Company, Ascension Investment Management and Sanlam to accelerate the build-out of megawatts of wind and solar plants across Africa.
The deal provides equity funding for the Lekela Power platform, a joint venture with private equity firm Actis. The funding package will help Lekela meet its goal of constructing over 1,300MW in Africa by 2018. The platform plans to build four more wind farms in South Africa, two wind farms and a solar plant in Egypt, as well as wind farms in Senegal and Ghana.
