2016 – A ground-breaking year for Mainstream
2016 was a very successful year in which Mainstream signed gigawatt deals in Chile and Vietnam and attracted landmark equity investment from the IFC and the Rockefeller Brothers Fund amongst others. We successfully delivered our fourth South African power plant into commercial operation and set up our own financing and investment arm in New York. Here are some key highlights of 2016.
Mainstream signs deals for 940MW in Vietnam
In November, Mainstream signed deals to develop, build and operate 940 megawatts of wind powered plants in Vietnam. We will deliver the 800 megawatt Phu Cuong Wind Farm in partnership with GE Energy Financial Services and local partner Phu Cuong Group. The first phase is expected to reach financial close in 2018. Mainstream also signed a deal to deliver an additional 138 megawatts of wind plants in partnership with Pacific Corporation, the first phase of which is anticipated to reach financial close in 2018. Read more >
Mainstream wins $1.65bn government contracts in Chile
In August, Mainstream gained global attention when it emerged as the biggest renewables winner in the country’s largest electricity tender to date. Mainstream won seven 20-year contracts for approximately 1,000 megawatts of wind power which it will start building in 2019. Read more >
Mainstream launched financing and investment arm
Mainstream Renewable Capital was launched late last year to create custom-made opportunities for investors to gain exposure to its multi-gigawatt portfolio of wind and solar projects. James P. McGinnis, veteran energy banker and investor was appointed to the role of Chief Executive to lead this new financing and investments arm. Read more >
Our fourth South African wind farm reaches operation
In September, we officially inaugurated our 80 megawatt Noupoort Wind plant which was delivered on schedule and on budget, making it the first wind plant to successfully achieve operation as part of the third round of the Government’s renewable energy procurement programme. The 35 turbine plant represents an investment of ZAR1.9bn. Read more >
Signed $117.5m equity investment with the IFC, the Rockefeller Brothers Fund and others
In June Mainstream signed a $117.5m equity investment from investors including the International Finance Corporation (IFC) and the Rockefeller Brothers Fund among others to accelerate the build-out of wind and solar plants across Africa. The funding package will help our joint venture platform, Lekela Power meet its goal of constructing over 1,300 megawatts of new power capacity in Africa by 2018. Mainstream’s Chief Executive, Eddie O’Connor is pictured with Bertrand de La Borde, Head of Africa Infrastructure at the IFC. Read more >
Construction programme on schedule
Mainstream is currently building 280 megawatts of wind power plants in South Africa. The projects reached a series of milestones during 2016 including reaching 1 million hours without lost-time incident. The wind farms are on track to reach commercial operation this year. Read more >
Eddie’s Blog – Renewable Energy’s iPhone Moment
It has been 10 years since the launch of the iPhone. The iPhone demonstrated how innovation could completely transform an industry and how people and society as a whole relate to technology. Read Eddie’s blog on The Huffington Post here.
In 2016, we ran a wide range of community initiatives in the areas of education, health, capacity building and more. Here below is a small selection.
Chile – Training programme
More than 100 people attended a ceremony in Llanquihue to recognise more than 70 community members who successfully completed a training programme organised by Mainstream. The training was carried out in association with the CADES Foundation. Read more >
South Africa – Communtiy wellness day
Loeriesfontein and Khobab wind farms in the Northern Cape (280 megawatts), in association with Soul City, hosted a community health and wellness day to help drive awareness regarding gender violence and substance abuse in Loeriesfontein. Read more >
Chile – Organic recycling workshops
In September, Mainstream Chile launched organic recycling workshops for communities in the Los Lagos Region, in the vicinity of its Puelche Sur wind farm project. The aim of the workshops was to encourage a sense of responsibility for caring for the environment through the recycling of organic waste. Read more >