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In December 2014, Mainstream Renewable Power Limited (“Mainstream” or “the Sponsor”) and Actis Capital LLP (“Actis”) set up Lekela Power BV (“Lekela”), an Actis/Mainstream joint-venture platform to develop, finance and build over 1 GW of wind and solar PV projects across Africa. Mainstream is an international renewable energy firm specialized in the development, financing, construction and operation of large-scale wind and solar power plants and has assets in operation and under construction in Africa, Europe, North America and South America. Actis is a leading private equity investor in emerging markets. The proposed project is an equity investment of up to $40 m in Mainstream Renewable Power Africa Holdings Limited (“the Company”), which has been established with the sole purpose of holding Mainstream’s interest in Lekela. Mainstream’s pipeline will act as a feeder to Lekela, with each project being transferred to the platform at a late development stage. Lekela will also bid on some projects directly, with Mainstream providing development services. Mainstream will develop projects and manage construction and operations under service agreements with Lekela. Funds are expected to be utilized for equity financing of project-financed renewable energy assets across Africa. The current Lekela pipeline in Africa includes three wind projects under construction by Mainstream in South Africa and a number of wind and solar projects under development in South Africa, Ghana and Egypt. Additional early stage projects have been identified elsewhere in Africa.The three most advanced Lekela projects in South Africa were initially awarded to a Mainstream-led consortium as a result of Round 3 of the country’s Renewable Energy IPP Procurement Process (REIPPPP) and transferred to Lekela in February 2015. Noupoort Wind Power Plant (WPP) is an 80 MW project located 10 km east of the town of Noupoort in the Northern Cape Province. Construction commenced in February 2015 and the planned commercial operations date is July 2016. Khobab and Loeriesfontein II WPPs will have a capacity of 140 MW each and will be sited on adjacent farms 60 km north of the town of Loeriesfontein in the Northern Cape. Construction of these two WPPs commenced in mid-2015 and commercial operations is expected in December 2017. Mainstream has also been awarded preferred bidder status on two REIPPPP Round 4 WPPs: the 140 MW Kangnas project located in the Northern Cape and the 110 MW Perdekraal East WPP in the Western Cape Province. The most advanced pipeline project in Ghana is the 150 MW Ayitepa Phase 1 WPP located on the coast of Ghana 60 km east of Accra, within the Ningo-Prampram District. This project, Phase 2 of which would add a further 75 MW for a total of 225 MW, is currently under development with construction tentatively scheduled to commence in the first half of 2016. IFC is mandated to lead the financing arrangements for the Ayitepa WPP and, should the project proceed, will undertake and disclose a full and separate Environmental and Social Review Summary report (such as this one) together with associated documentation at least 60 days prior to the anticipated board date. In Egypt, Lekela has been awarded a 50 MW WPP concession on the west bank of the Gulf of Suez and a 50 MW solar PV concession in Aswan Governorate. Both projects were awarded under Egypt’s Feed in Tariff scheme in January 2015 and are in early stages of development. Lekela’s shareholders will provide construction equity to build the South Africa REIPPPP Round 3 projects, any projects with power purchase agreements won in Rounds 4 and 5, as well as projects that meet the investment criteria and are acquired across the rest of Africa.