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Lekela Power inks MoU for $350m Egyptian wind power station

CTBR Staff Writer Published 06 November 2015

Lekela Power has inked a Memorandum of Understanding (MoU) with the Egyptian Electricity Transmission Company for a wind power station in Egypt’s Gulf of Suez area which is valued at around $350m.

LekelaPower

The Gulf of Suez wind power station is the company's third project in Egypt.

The deal for the 250MW wind power project comes on the heels of two MoU's signed by Lekela Power earlier this year for a 50MW solar power plant in Aswan and 50MW wind power plant in the West Gulf of Suez, under the feed in tariff (FIT) scheme.

Construction on the Egypt FIT Solar and Egypt FIT Wind projects will begin in 2016.

Lekela Power CEO Chris Antonopoulos said: "We are delighted to have agreed heads of terms for our third project in Egypt and we look forward to continuing to provide clean, safe, and cost competitive energy to the Egyptian people through our wind and solar projects."

The latest project will be managed with a build, own and operate (BOO) framework.

Lekela has submitted the lowest overall tariff of $3.961 per KWh, 2.5% below the second lowest tariff of $4.068 per KWh submitted to the Egyptian Electricity Transmission Company for the project.

The $1.9bn pan-African renewable power generation company is a 60:40 joint venture between Actis and Mainstream Renewable Power.

It is said to be one of the biggest international platforms focused on renewable energy targeting the emerging markets.

Launched in February this year, Lekela Power has over 1,100MW of wind and solar projects under construction or due to commence construction across South Africa, Egypt and Ghana.


Image: Actis Egypt director at the 50MW Egypt FIT Solar. Photo: courtesy of Mainstream Renewable Power.