5 March 2019

East Africa: Eurus Energy Injects $10 Million in Windlab East Africa

Windlab Limited has announced an agreement for the investment of US$10,000,000 by Eurus Energy Holdings Corporation (Eurus) into Windlab's East Africa business.

Windlab East Africa ("WEA") 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.

Windlab's East Africa assets currently consist of a strong pipeline of development projects totaling to 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. In Kenya, Windlab has partnered with the Meru County Government in the development of a hybrid renewable energy project consisting of wind, solar, and battery storage for up to 166MW of Generation under a PPP scheme.

Windlab 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.

Wind Resource In East Africa

East Africa has an excellent wind resource, with significant resource complementing the dry season, when often the hydro electricity sector is under pressure to deliver. With the current and future regional interconnectors, an integrated East Africa electricity sector is the best outcome for the rapidly growing population.

"We are delighted to secure the support of Eurus as a partner in WEA. 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. WEA'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 (Australia) and innovative Kennedy Energy Park hybrid project (Australia) 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.

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