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Suzlon Group to commence construction of Cookhouse Wind Energy in South Africa

01 Feb 2013 Evaluate

Suzlon Group, the world's fifth largest wind turbine supplier has received a notice to commence construction of the Cookhouse Wind Energy Facility located in the Eastern Cape Province of South Africa. Suzlon will supply 66 s.88 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. Financial 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.

Working closely with its appointed Mandated Lead Arrangers, The Standard Bank of South Africa and Nedbank, 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 Future growth Asset Management Proprietary whilst equity will be provided by AFPOC, African Infrastructure Investment Fund 2 Partnership, African Infrastructure Investment Fund 2 (Mauritius), Apollo Investment Partnership II, Old Mutual Life Assurance Company (South Africa) and the Cookhouse Wind Farm Community Trust.

The Cookhouse Wind Farm Community Trust holds 25 per cent 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.

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