Egypt

Egypt

Lekela inks Egyptian power deal

Renewable development joint venture Lekela has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 250MW project near Ras Ghareb in the Gulf of Suez region.

The power deal was signed in the presence of Moustafa Madbouly, Egypt's prime minister (centre), and representatives of Actis, Lekela and other cabinet ministers
The power deal was signed in the presence of Moustafa Madbouly, Egypt's prime minister (centre), and representatives of Actis, Lekela and other cabinet ministers

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Lekela declined to reveal details of the tariff, but projects of a similar size in Egypt have recently been offered $38.20/MWh offtake deals.

The project will be executed under a build, own and operate (BOO) framework.

Lekela plans to secure financing for the $325 million facility later this year. It will then be constructed on a turnkey basis by an engineering, procurement and construction (EPC) contractor yet to be announced.

Commissioning is slated for 2021, when the plant will boost Egypt's installed wind capacity by 14%, according to Lekela.

"Egypt is a key part of our strategy to develop 1.3GW of clean energy across Africa which will drive economic and social prosperity for its communities," Lekela’s CEO Chris Antonopoulos said.

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