ACED Cookhouse Wind Farm

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African Clean Energy Developments (ACED) was a project developer created to build, own and operate renewable energy projects in Sub-Saharan Africa, including the 139 MW Cookhouse Wind Project, to be located in the Eastern Cape Province of South Africa. The developer was a joint venture, 50% owned by African Infrastructure Investment Fund (AIIF), a 50/50 joint venture between Macquarie Africa (Pty) Ltd and Old Mutual Investment Group South Africa (Pty) Ltd (OMIGSA); and the remaining 50% by AFPOC Limited, a Mauritian registered company specifically incorporated for this investment. Construction equity was to be provided by: Globeleq, AFPOC Limited, AIIF II, IDEAS, and the Industrial Development Corporation. AIIF and IDEAS were funds partly owned by Old Mutual. The local community was to own part of the project (15%) through the Cookhouse Wind Farm Community Trust. The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power. Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). As of 2011, Suzlon had been selected as the EPC contractor, scheduled to supply 68 of its 2.1 MW S88 turbines. Suzlon was also to maintain the project for 25 years. Total project cost was estimated at ZAR 2.4 billion (USD 300 million), with Standard Chartered and Nedbank selected as the lead arrangers. Expected commissioning was for 2014. The project applied for UNFCCC CDM financing. Financial closure was expected for June 2012, but got pushed out towards July 2012. In November 2012, the project reached financila close. Precise details of the transaction were not released, however Standard Ban and Nedbank were the MLAs on the deal. http://www.nersa.org.za/Admin/Document/Editor/file/Consultations/Electricity/Presentations/Cookhouse%20Wind%20Farm%20(ACED%20Renewables%20Cookhouse)%20(Pty)%20Ltd.pdf http://www.projectfinancemagazine.com/Article/3049272/Cookhouse-Wind-project-deadline-pushed-back-to-July.html