Last week, a pan-African renewable power generation company, Lekela Power, signed a Memorandum of Understanding with the Egyptian Electricity Transmission Company (EETC) for a 250MW wind power station.
The generation company is owned 60% by emerging market investor Actis, and 40% global wind and solar firm, Mainstream Renewable Power.
Power generation ownership
Members of Lekela Power and Actis met with Egyptian President Al-Sisi to discuss Actis’s current and future investment opportunities in the North African country and to mark Lekela Power reaching the agreement with the EETC.
The wind power project will be developed in the Gulf of Suez area, where the North African country has an abundance of unique wind resources and will be managed with a build, own and operate (BOO) framework, the power gen company said in a statement.
Chris Antonopoulos, Chief Executive Officer of Lekela Power 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.”
Delivering clean power projects
According to Clean Technology Business Review, “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.”
Lekela Power has over 1,100MW of wind and solar projects under construction or due to commence construction across South Africa, Egypt and Ghana.