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.
Country updates
-
-
February 12, 2019
Enel starts construction of 140 MW wind farm in South Africa
Enel, through its renewable subsidiary Enel Green Power RSA (EGP RSA), has begun construction of its 140 MW Nxuba wind farm in the Amatole District, making it the Group’s third wind project in S...
Read more -
February 06, 2019
ENGIE starts operations of Kathu, a 100 MW Concentrated Solar Plant
ENGIE has announced that commercial operation was achieved on 30 January 2019 for the 100 MW Kathu Solar Park in South Africa. This plant is a greenfield Concentrated Solar Power (CSP) project wi...
Read more -
January 30, 2019
Mainstream Renewables on track for Kangnas and Perdekraal wind farms constructions
Mainstream Renewable Power has completed the 28-day strength test of their first foundations for its two wind projects - 140 MW Kangnas Wind Farm (Northern Cape) and 110 MW Perdekraal...
Read more -
January 21, 2019
Investec and UKCI invest US$73 million in new African renewable energy yieldco
UK Climate Investments (UKCI) has announced a planned ZAR500 million (US$36.5 million) cornerstone investment in a dedicated African renewable energy yieldco, Revego Africa Energy Limited.
Read more -
November 30, 2018
AfDB approves financing for US$800 million CSP project in South Africa
The African Development Bank (AfDB) has announced that its Board of Directors has approved a senior loan of ZAR3 billion (US$228.6 million) to the 100 MW Redstone Concentrated Solar Power (CSP) Projec...
Read more
