MIGA backs 3 wind farms in South Africa
The Multilateral Investment Guarantee Agency has announced guarantees of $73 million to support the construction, operation and maintenance of Noupoort, Khobab, and, Loeriesfontein 2 wind farms in South Africa.
The wind farm projects will have a collective generation capacity of 360MW, and were selected as preferred bids during the third round of the South African Renewable Energy Independent Power Producers Procurement Program.
MIGA's guarantees cover equity and shareholder loan investments by Lekela Power and its subsidiary, Lekela Power Intermediate Holdings (Pty), and provide protection for up to 15 years against the risks of expropriation, transfer restriction and inconvertibility, breach of contract, and war and civil disturbance. Some 90% of the equity and shareholder loan investments are covered by the guarantees.
