South Africa Mainstream Renewable Power Khobab Wind (RF) Pty Ltd; Loeriesfontein 2 (RF) Pty Ltd; Nou (MIGA-3521)

Countries
  • South Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 22, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Lekela Power B.V.
The holder of the loan, grant, or other investment.
Sectors
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 137.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Aug 2, 2017

Disclosed by Bank Oct 24, 2016


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Project Description
This summary covers equity and shareholder loan investments by Lekela Power B.V. (Lekela) in five wind farm projects (the “Projects”) in the Northern and Western Cape Provinces in South Africa. The investor has applied for a MIGA guarantee for equity and shareholder loan investments of total up to $36.5 million and $109.5 million, respectively, for a period of up to 20 years against the risk of expropriation, transfer restriction, breach of contract, and war and civil disturbance. The proposed projects consist of the construction, ownership, operation and maintenance of five wind energy generating facilities with capacity ranging from 81MW to 140MW. The electricity output will be sold to Eskom SOC under a 20 year power purchase agreement. The projects were awarded under Round 3 and Round 4 of the South African Renewable Energy Independent Power Producers Procurement program (REIPPP).
Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/