August 8 (Renewables Now) - Lekela Power today said it has reached financial close on its 250-MW West Bakr wind project in Egypt and is getting ready to start construction shortly.
The power plant will be installed near Ras Ghareb, in the Gulf of Suez, using 96 units of Siemens Gamesa Renewable Energy’s (BME:SGRE) SG 2.6-114 turbines. Once commissioned in 2021, it is expected to generate over 1,000 GWh of electricity annually, or enough to supply over 350,000 homes.
Lekela, a 60/40 joint venture between private equity firm Actis and a consortium led by Ireland-based wind and solar developer Mainstream Renewable Power, in February signed a network connection contract and a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC). It secured funds for the construction from the Overseas Private Investment Corporation (OPIC), the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
The project, Lekela’s first wind scheme in Egypt, will be installed under the Egyptian government’s build-own-operate (BOO) programme, lifting the country’s installed wind power capacity by 14% and supporting it in reaching its 20% renewables goal by 2022.
“We see great opportunity to invest in wind energy in Egypt, and we look forward to working in the country for years to come,” said Lekela’s CEO Chris Antonopoulos.