Suzlon Group has announced the receipt of Notice to Proceed to commence construction of the Cookhouse Wind Energy Facility located in the Eastern Cape Province of South Africa. Suzlon will supply 66 s.88 2.1 MW turbines to the project.
The Cookhouse Wind Farm is the largest renewable energy project selected during Round One of the Department of Energy’s Renewable Energy Independent Power Producers Procurement Programme. Financial Closure was achieved in late December 2012 with construction commencing in January 2013.
The Cookhouse Wind Farm was developed in partnership with African Clean Energy Developments (ACED), a South African based renewable energy project developer owned jointly by African Infrastructure Investment Managers (a company held by Old Mutual Investment Group - South Africa - and Macquarie Capital) and AFPOC Limited.
Working closely with its appointed Mandated Lead Arrangers, The Standard Bank of South Africa Limited and Nedbank Limited, ACED closed a financing package which notably includes a significant portion of Broad Based Black Economic Empowerment ownership.
Debt Finance will be provided by The Standard Bank of South Africa Limited, Nedbank Limited and Futuregrowth Asset Management Proprietary Limited whilst
equity will be provided by AFPOC Limited, African Infrastructure Investment Fund 2 Partnership, African Infrastructure Investment Fund 2 (Mauritius), Apollo Investment Partnership II, Old Mutual Life Assurance Company (South Africa) Limited and the Cookhouse Wind Farm Community Trust.
The Cookhouse Wind Farm Community Trust holds 25 per cent equity in the project, foreseeing significant yield from the project, in addition to socio-economic
development in the local communities. Local communities of Cookhouse, Bedford and Somerset East will be beneficiaries of the trust.
Wind Power |
News published on 01 / 02 / 2013 by Bharat Vasandani