Celebrating Financial Closure

Ilikwa Solar announced financial close in October 2024, marking a critical milestone in moving the 50 MW solar PV facility from development into construction and ultimately, operations.

This milestone marked a significant step forward for flexible renewable energy supply in the country.

The power from the plant will supply multiple private commercial and industrial customers under flexible, shorter-term Power Purchase Agreements (PPAs) in a new-to-market product called Renewable Energy Supply Agreements (“RESAs”).

Ilikwa Solar is jointly financed by Mainstream Renewable Power (70% equity) and Investec (30%), with Investec also providing development and construction funding.

Commenting on the announcement, Mainstream’s General Manager for Africa, Hein Reyneke, said: “We are excited to bring this new product to market, offering customers the opportunity to secure flexible, clean and lower cost electricity.”