Egypt

Egypt

Lekela funds latest Egypt project

Lekela has reached financial close on the 250MW West Bakr project in north Egypt, nearly four years after first signing a memorandum of understanding over the project.

Lekela has projects in Senegal, Ghana, South Africa and Egypt
Lekela has projects in Senegal, Ghana, South Africa and Egypt

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Construction will begin "shortly", according to the developer, with completion expected in 2021.

The site will comprise 96 SG 2.6-114 turbines from Siemens Gamesa Renewable Energy.

Financing was provided by the US government’s Overseas Private Investment Corporation (OPIC), the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

Lekela CEO Chris Antonopoulos is excited to get started on West Bakr, the developer’s first project in Egypt.

"As a long-term operator with a long-term outlook, we are focused on delivering lasting impact. It is not enough to just invest money, which is why we focus on creating generation-spanning benefits for local communities," Antopolous said.

Lekela signed a power purchase agreement with the Egyptian Electricity Transmission Company (EETC) in February. 

Egypt’s early promise targeting 7GW of wind power by 2022 has faded — the country added 380MW last year to bring total capacity to 1.2GW — but the latest finance is a much needed boost.

Lekela claimed the West Bakr project would increase Egypt’s wind capacity by 14%.

Lekela, the 60-40 joint venture between Actis and Mainstream Renewable Power, also has projects in Ghana, Senegal and South Africa. 

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