Windlab Limited has secured an agreement for an investment of $10,000,000 by Eurus Energy Holdings Corporation into Windlab Africa. Windlab Africa is a subsidiary of Windlab Limited and holds the existing project development assets as well as the right to future projects in Ethiopia, Kenya, Tanzania, Zambia, Uganda, Rwanda, Burundi and Malawi. Upon completion of the deal Eurus will own 25 percent of WA.
Warren Gretz / NREL
WA assets currently consist of 16 development projects totaling around 1,650 MW of potential capacity, ranging in status from early-stage projects to the approved 300 MW Miombo Hewani Wind Farm in Tanzania. Along with its 25 percent stake, Eurus will also enjoy the right to proportional board representation of WA, customary minority protections and a first right to provide equity, on competitive terms for the construction of the projects in these countries.
WA will use this funding to accelerate the development of key projects in East Africa to meet the large demand for electricity. According to the World Bank, Sub-Saharan Africa’s population now exceeds 1 billion people and enjoys some of the fastest GDP growth rates in the world. However, the availability of electricity and generating capacity remain very low; for instance, Tanzania has a population of 59 million people yet only 1,600MW of generating capacity (Australia, NEM ~50,000MW).
“We are delighted to secure the support of Eurus as a partner in WA. We will work together to expedite the development of our projects in this region,” said Roger Price, Chairman and Chief Executive Officer of Windlab.
“Eurus enjoys a long and successful working relationship with Windlab having completed the Coonooer Bridge Wind Farm and innovative Kennedy Energy Park hybrid project together. We applaud their technological ability to identify and develop the best wind resources and are delighted to have the opportunity to further our partnership and work together in these exciting emerging markets,” added Hideyuki Inazumi, Chief Executive Officer of Eurus.