Mainstream Renewable Power, a subsidiary of Aker Horizons, has announced financial close on its 50 MW Ilikwa solar PV plant in South Africa.
The plant will provide renewable energy to commercial and industrial customers through shorter-term Power Purchase Agreements (PPAs) under a new product called Renewable Energy Supply Agreements (RESAs). This marks a shift in the energy market, allowing businesses access to clean and affordable power through flexible contracts lasting between five and 10 years.
Hein Reyneke, General Manager for Africa at Mainstream, stated, “We are offering the opportunity to secure flexible, clean, and lower-cost electricity.”
The Ilikwa plant, located in the Free State province, is set to begin commercial operations in early 2026. It will generate 141 Gigawatt hours (GWh) of electricity annually, enough to power over 42,000 homes, while preventing the release of approximately 100,000 tons of CO2 each year.
Investec is partnering on the project, providing both pre-construction development finance and debt and equity financing. Mainstream holds a 70 percent equity stake in the project, with Investec holding the remaining 30 percent. The Ilikwa plant is the second solar facility with private PPAs that Mainstream has brought to financial close in South Africa within the last year.
Mainstream Renewable Power has a total of 12 GW of projects in South Africa, with an additional 180 MW ready for construction in 2025, further contributing to the country’s renewable energy transition.