Kouga Wind Farm
Kouga Wind Farm is a bespoke onshore wind renewable energy generation project in South Africa. Kouga Wind Farm was co-developed by Evolution One Fund as a value added financing partner to provide both project development capital to develop the pre-permitted wind asset to permitted status and project equity finance to construct, commission and operate the wind asset at project financial close. Kouga Wind Farm operates in the Kouga region of the Eastern Cape.
Construction commenced in 2013 on the 80MW project and Kouga Wind Farm reached commercial operations date on 17 March 2015 and is in full operations phase. The project will generate an average net revenue of approx. R250m over the 20-year project to BBBEE social needs, creating approx. 183 temporary and permanent jobs.
The projects fall under the Department of Energy’s IPP Procurement Programme in South Africa. A local BBBEE shareholder holds 26% equity in the Red Cap Kouga Wind Farm project. Nordex (one of Germany’s largest wind turbine manufacturers) provides the engineering, procurement and construction contract for the project, as well as provides the ongoing operations and maintenance.
Evolution One Fund secured seed capital from the United Nations Environment Programme as co-investment to assist with early stage risk capital for the development of the pre-permitted wind assets.