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The Egyptian Electricity Transmission Company (EETC) and Lekela Power have inked an MOU that will see the latter build, own and operate a 250MW wind farm in Egypt’s Gulf of Suez region. The project is expected to cost $350mn.
Lekela, a 60:40 joint venture of London-based private equity firm Actis and Dublin-based wind and solar developer Mainstream Renewable Power, says it has already signed agreements with Egypt’s New and Renewable Energy Authority (NREA) for two smaller projects.
These are a 50MW solar photovoltaic (PV) plant at Aswan and a 50MW wind farm in the Gulf of Suez region. Lekela says it has already been awarded land for the solar plant by NREA and expects to be allocated land for the smaller wind farm shortly. The company aims to start building the two 50MW projects in 2016. (CONTINUED - 275 WORDS)