Mainstream Renewable Power reaches financial close on 50 MW solar PV plant in South Africa

Mainstream Renewable Power has reached financial close on its 50 MW Ilikwa solar PV plant in Free State province, South Africa. The power from the plant will supply multiple private commercial and industrial customers under flexible, shorter-term Power Purchase Agreements (PPAs) in a new-to-market product called Renewable Energy Supply Agreements (RESAs).

Investec is a project partner, providing pre-construction development finance as well as debt and equity finance for the construction of the plant. Mainstream has a 70% equity stake in the project and Investec has a 30% equity stake. Construction of the Ilikwa solar PV plant, located in the Free State province, has already commenced and is expected to reach commercial operation in early 2026.

This is the second solar plant with private PPAs that Mainstream has taken to financial close in South Africa within the last year. When fully operational, it will produce 141 Gigawatt hours (GWh) of electricity per year, powering the equivalent of more than 42,000 homes and avoiding the annual release of approximately 100,000 tons of CO2.