Mainstream Renewable Power has entered into an agreement with Swiss wind farm developer NEK Umwelttechnik to purchase the 225 megawatt (MW) Ayitepa Wind Farm, located on the east coast of Ghana . The project, which represents a total investment of $525 million, is expected to reach financial close next year and start generating power early in 2016.
The companies will co-develop the wind power farm until financial close. Mainstream will manage the construction as well as the operations and maintenance of the wind farm for its lifecycle. The project is currently in the latter stages of development with all major permits secured. Grid and offtake agreements are being finalized.
When fully operational the wind farm will generate approximately 10 percent of Ghana's total electricity generation capacity which currently stands at 2,000 MW.
Commenting on the deal, Mainstream's Chief Executive, Eddie O'Connor said, "This wind farm is the ideal solution for Ghana because wind and solar power are the only proven technologies in the world which can achieve the dual objectives of speed of deployment and scale. The Ayitepa Wind Farm is well advanced and can be generating electricity in less than 18 months from now. No other generation technology can match that in terms of speed of deployment."
O'Connor continued, "Mainstream has already developed and built the continent's largest operating wind farm at Jeffreys Bay, South Africa where we have three operating wind and solar farms and an additional three wind farms going into construction this year."