Mainstream confirms Africa cash
Rockefeller Brothers Fund part of group investing $117.5m in Lekela Power
The Rockefeller Brothers Fund has confirmed it is part of a group investing $117.5m in Mainstream Renewable Power’s African joint venture Lekela Power.
The other investors include the International Finance Corporation (IFC), IFC African, Latin American and Caribbean Fund and the IFC Catalyst Fund, which are managed by the IFC Asset Management Company, Ascension Investment Management and Sanlam.
The deal was signed in June and is subject to shareholder approval.
Mainstream is also investing $60m of its own money in Lekela, bringing the total new investment in the JV with private equity firm Actis to $177.5m.
The Irish company said the funding will help Lekela meet its goal of constructing over 1.3GW of wind and solar capacity in Africa by 2018.
Lekela plans to build four more wind farms in South Africa, a wind farm and two solar plants in Egypt, as well as wind farms in Senegal and Ghana.