Rockefeller backs Africa push by Mainstream
Wednesday, August 3, 2016
The family foundation of the wealthy Rockefeller dynasty has emerged as a backer of an energy project in Africa that’s being spearheaded by Eddie O’Connor’s Mainstream Renewable Power firm.
Last month, Dublin-based Mainstream sold a $117m stake in its African joint venture – the Lekela power platform – to investors including the World Bank. Yesterday, Mainstream confirmed that the US-based Rockefeller Brothers Fund (RBF) had also invested in the venture as part of that stake sale.
Mainstream is investing a total of $177.5m in the Lekela platform, with $117.5m of that having been generated via the stake sale. The funding package will enable the roll-out of 1,300 megawatts of power schemes across the African continent by 2018. The Lekela power platform is a joint venture with Actis, a global emerging market private equity firm.
Lekela Power plans to build four more windfarms in South Africa, two windfarms and two solar plants in Egypt, and windfarms in Senegal and Ghana.