Ireland headquartered Mainstream Renewable Power has secured a financial close for its 50 MW Ilikwa PV plant in the Free State province, South Africa. The plant will supply power to private commercial and industrial customers through a new offering called Renewable Energy Supply Agreements (RESAs), which provide flexible, shorter-term Power Purchase Agreements (PPAs) with durations ranging from 5 to 10 years. This initiative aims to expand energy access for businesses by providing affordable and reliable renewable power. Mainstream holds a 70% equity stake in the project, while its partner Investec holds 30% and has contributed pre-construction development finance along with equity and debt financing. The plant is expected to begin commercial operations by early 2026, producing 141 GWh of electricity annually—enough to power over 42,000 homes and offset around 100,000 tons of CO2 emissions per year. In addition to this, Mainstream also has a 12 GW project portfolio in South Africa, with an additional 180 MW planned for construction in 2025. This new product is designed to support South Africa’s shift to renewable energy by offering lower-cost, clean electricity to a broader range of businesses.
Financial close for Mainstream Renewable’s 50 MW Ilikwa project
