Lekela has reached financial close on its 250 West Bakr Wind project located 30 kilometers north-west of Ras Ghareb, in the Gulf of Suez. The project is part of the Egyptian Government’s Build, Own, Operate (BOO) framework taking advantage of the excellent wind resource in the Gulf of Suez.
The West Bakr consists of 96 units of SG 2.6-114 turbines. Once commissioned in 2021, it is expected to generate over 1,000 GWh of electricity annually, or enough to supply over 350,000 homes.
Lekela signed a Power Purchase Agreement with the Egyptian Electricity Transmission Company(EETC) and the New and Renewable Energy Authority in February 2019. Project financiers have also been mandated. The development work includes:
- Collection of wind data at the site
- Environmental action plans
- Selection of equipment suppliers and contractors
- Securing land and relevant permits
- Arrangement of finance and capital
Lekela has also signed a protocol with the Egyptian Environmental Affairs Agency and its Migratory Soaring Birds project to contribute towards the funding and implementation of the Migratory Birds Monitoring training program.
Lekela is a 60/40 joint venture between private equity firm Actis and a consortium led by Ireland-based wind and solar developer Mainstream Renewable Power. It secured funds for the construction from the Overseas Private Investment Corporation (OPIC), the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
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