Their venture, called Lekela Power, intends to provide 700 megawatts to 900 megawatts of wind and solar power by 2018 and is 40 percent owned by Mainstream and 60 percent by Actis, Barry Lynch, Mainstream's managing director of onshore procurement, construction and operations, said today by e-mail. They expect an investment of about 1.9 billion, which is a combination of 30 percent equity and the remainder debt. "With soaring demand and funding constraints, Africa's need for renewable energy is pressing," said Lucy Heintz, partner and head of renewable energy at Actis. "In South Africa for example, currently 95 percent of the country's electricity is generated by coal-fired power stations. While the region has significant natural and fossil fuel resources a lack of long-term investment has led to a reliance on emergency and short-term diesel generation." Lekela will focu...
