Standard Bank Kouga Oyster Bay Wind Farm

active

Prospective

In December 2011, Red Cap Kouga Wind Development Company - a local renewable energy developer - was awarded the rights to develop a 77.6 MW wind farm to be located in Oyster Bay, South Africa. The project company was owned by Red Cap Investments, Afri-Coast Engineers SA (EPC contractor), Eurocape Renewables (South Africa, Project Manager), Inspired Evolution Investment Management (financier) and Standard Bank (financier). The project company was: Red Cap Kouga Wind Farm (Pty) Ltd. The project was to consist of 32 Nordex N90 2500 HS turbines in the first phase, 20 years expected life. The project was expected to generate 290 GWh annually. Local stakeholders, through the Red Cap Kouga Community Development Trust (with IDC assistance) were expected to hold 26% of the equity. 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). The equipment supplier was to be Nordex (Germany). Total project cost was estimated as ZAR 2 Billion (USD 258 million), with comissioning expected for 2014. The project applied for UNFCCC CDM financing, the credits of which were to be bought by Electrabel (Belgium). The Industrial Development Corporation (IDC) was expected to provide a ZAR 120 million ($14.1 million) loan. Project coordinates: 34.1470 S; 24.7110E In November 2012 the project reached financial close. The toal reported project cost was USD 222 million, 155 of which came in the form of senior debt. Both debt tranches had a tenor of 15 years - pricing information was not released. Standard Bank, Evolution One Fund and Micawber 864 Proprietary were the reported equity investors. http://www.cdmloanscheme.org/sites/default/files/red_cap_kouga_wind_farm_pdd.pdf http://www.cdmloanscheme.org/sites/default/files/red_cap_kouga_wind_farm_pdd.pdf http://www.moneyweb.co.za/mw/view/mw/en/page295023?oid=557752&sn=2009+Detail

Energy

World Bank Group

Project

Wind, Raw Materials, Power Generation (CCGT), Government, Manufacturing (Industrial), Commercial