Mainstream Renewable lands South Africa deal
A consortium led by Irish firm Mainstream Renewable Energy, which is headed by Eddie O'Connor, has secured a licence to build 360MW of wind projects in South Africa.
The consortium was named the preferred bidder yesterday for three large-scale projects in the country that will involve a capital expenditure of about €660m.
The award was made under the third round of the South African government's renewable energy procurement programme.
A consortium including Mainstream had been awarded projects in the first round of the programme back in 2011 and those three schemes – which include solar and wind – are due to be operational next year.
Mr O'Connor said that there were 93 bids submitted in the latest round of tendering and that only 17 of these were successful.
"More than five years ago Mainstream identified the future potential of the South African market and we are delighted that the quality of our projects and the experience of our team has been recognised today," he said.
This was the third of five licensing rounds undertaken by the South African government.
Earlier this month, Mainstream finalised a deal that saw Japanese trading house Marubeni inject €100m in equity into the Irish firm in return for a 25pc stake.
Mr O'Connor established Mainstream after Airtricity – which he founded – was sold to Scottish & Southern Electricity in 2008 for about €1.8bn.