Suzlon Energy Ltd. said its Group 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 S88 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. Finance 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 Ltd.
Working closely with its appointed Mandated Lead Arrangers, the standard Bank of South Africa Ltd. and Nedbank Ltd., 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, Nedbank and Futuregrowth Asset Management Proprietary Ltd., whilst equity will be provided by AFPOC Ltd., African Infrastructure Investment Fund 2 Partnership, African Infrastructure Investment Fund 2 (Mauritius), Apollo Investment Partnership II, Old Mutual Life Assurance Company (South Africa) Ltd. and the Cookhouse Wind Farm Community Trust.
The Cookhouse Wind Farm Community Trust holds 25 percent in the 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.
At the BSE, Suzlon Energy shares are currently trading at Rs.25.50, up 4.08 percent from the previous close.
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by RTT Staff Writer
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