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Lekela Power signs 250MW deal in Egypt

EGYPT: Lekela Power, a joint venture between developer Mainstream Renewable Power and investment firm Actis, has signed an agreement with the government's transmission company to build a 250MW wind project.

The 250MW project will be built in the Gulf of Suez region, northeast Egypt
The 250MW project will be built in the Gulf of Suez region, northeast Egypt

The company signed a memorandum of understanding (MoU) with the Egyptian Electricity Transmission Company follows a meeting this week with the Egyptian president Abdel Fattah Al-Sisi, according to Lekela.

Lekela's 250MW project will be located in the Gulf of Suez region of northeast Egypt. Lekela will construct the project on a build, own and operate framework.

This is Lekela's third Egyptian renewable energy project and takes its portfolio of projects in the pipeline or under construction in Africa to 1.1GW.

In June, Lekela Power signed an MoU with Egypt's New and Renewable Energy Authority (NREA) to develop a 50MW wind project near Aswan in the Gulf of Suez. The third is a 50MW solar project.

The Lekela JV was launched in February 2015 in a $1.9 billion deal. Mainstream holds a 40% stake, with Actis owning the remaining 60%. It is aiming to develop up to 900MW of wind and solar projects in Africa by 2018.

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