Lekela Power signs PPA for 250 MW wind project in Egypt
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Lekela has announced that it has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for its 250 MW wind farm project in the Gulf of Suez.
Located 30km north-west of Ras Ghareb, the project is part of the Egyptian government’s Build, Own, Operate (BOO) scheme. Once constructed, it will increase Egypt’s wind energy capacity by 14%. The project will produce more than 1000GWh a year, powering the equivalent of over 350,000 homes in Egypt.
The total investment for the project is estimated at US$325 million and leading Development Finance Institutions have been mandated to provide financing.
The Network Connection Agreement with EETC has been signed. The project will be constructed on a turnkey EPC basis and an announcement regarding the EPC contractor will be made at a later date.
Financial close is expected to take place later this year, and the project is expected to be operational in 2021.
The wind farm will join Lekela’s other projects in South Africa, Senegal and Ghana that form its current 1,300 MW portfolio, making it one of the leading Pan-African renewable power players.
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