Windlab Limited (“WND” or “the Company”) today announced an agreement for the investment of US$10,000,000 by Eurus Energy Holdings Corporation (Eurus) into Windlab Africa Pty Ltd. Windlab Africa Pty Ltd (WA) is a South African registered subsidiary of the Company and holds the Company’s existing project development assets as well as the right to future projects in Ethiopia, Kenya, Tanzania, Zambia, Uganda, Rwanda, Burundi and Malawi. The investment is subject to customary conditions precedent, including the completion of corporate structuring and statutory filings and approvals. Upon completion Eurus will own 25% of WA.

WA assets currently consist of 16 development projects totalling around 1,650MW of potential capacity, ranging in status from early-stage projects to the approved 300MW Miombo Hewani Wind Farm in Tanzania, which has been short-listed in a government sponsored off take process. Along with its 25% 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. WND’s assets in South Africa and Mozambique are not part of the transaction.

WA will use this funding to accelerate the development of key projects in East Africa to meet the large unserved 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; Ethiopia 8.2%, Kenya 5.5%, Tanzania 6.8%. However, the availability of electricity and generating capacity remain very low; for instance, Tanzania has a population of 59million 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. Whilst many of these markets are not without challenges the need for significant investment in electricity generating infrastructure is clear. Wind and solar are by far the cheapest and fastest technology to deploy and accordingly we anticipate most new demand will be met with renewable energy. WA’s diversified portfolio and the Company’s development experience positions it well to capitalise on these opportunities.” 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.