Windlab secures investment in East African development pipeline

Windlab Limited (WND) announced an agreement for the investment of US$ 10 million by Eurus Energy Holdings Corporation into Windlab Africa Pty Ltd (WA).

WA is a South African registered subsidiary of the Company and holds the WND’s existing project development assets as well as the right to future projects in Ethiopia, Kenya, Tanzania, Zambia, Uganda, Rwanda, Burundi and Malawi. The investment is subject to customary conditions precedent, including the completion of corporate structuring and statutory filings and approvals. Upon completion Eurus will own 25% of WA.

WA assets currently consist of 16 development projects totalling around 1,650MW of potential capacity, ranging in status from early-stage projects to the approved 300MW Miombo Hewani Wind Farm in Tanzania, which has been short-listed in a government sponsored off take process. Along with its 25% stake, Eurus will also enjoy the right to proportional board representation of WA, customary minority protections and a first right to provide equity, on competitive terms for the construction of the projects in these countries. WND’s assets in South Africa and Mozambique are not part of the transaction.

WA will use this funding to accelerate the development of key projects in East Africa to meet the large unserved demand for electricity.