Jeffrey's Bay Wind Farm

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Mainstream SA, a joint venture between Mainstream Renewable Power and Genesis Eco Energy, was to build, own and operate a 138 MW wind farm to be located in Jeffreys Bay, Eastern Cape, South Africa. The equity was divided as follows: 1) Mainstream Renewable Power Jeffrey’s Bay (Pty) Lt., owned by Globeleq Holdings and Luxembourg Mainstream Renewable Power SARL (a joint venture between Mainstream Renewable Power and Genesis Eco Energy)(40%). 2) Old Mutual Insurance (20%) 3) Thebe Investment Corporation, Usizo Engineering Pty Ltd, Enzani Molene Technologies Pty Ltd. (14%). 4) Jeffreys Bay Renewable Energy Community Trust (6%). The project was to consist of 60 Siemens SWT turbines of 2.3MW each, expected to generate 362 GWh annually. 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, 56 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). Construction was expected to start in July 2012. The PPA finalized in April 2012. Wind measurements were done between June 2007-2011, by Garrad Hassan. Siemens was to be the equipment supplier. Total prject cost was estimated at ZAR 2.3 billion (USD 296 million), with comissioning expected for 2013. Financial closure was expected for June 2012. In Novemebr 2012, the project reached financial close with ABSA Bank and the Development Bank of South Africa. The only detail released of the transaction was a debt/equity ratio of 75/25. http://www.nersa.org.za/Admin/Document/Editor/file/Consultations/Electricity/Presentations/South%20African%20Mainstream%20Renewable%20Power%20Limited%20Jeffreys%20Bay%20(Pty)%20Limited.pdf http://www.jeffreysbaywindfarm.co.za/about-us.asp http://www.nersa.org.za/Admin/Document/Editor/file/Consultations/Electricity/Presentations/South%20African%20Mainstream%20Renewable%20Power%20Limited%20Jeffreys%20Bay%20(Pty)%20Limited.pdf http://publicprocess.co.za/index2.php?option=com_docman&task=doc_view&gid=829&Itemid=29