December 11 (Renewables Now) - Africa-focused renewables company Lekela said today it has initialled key project documents for a 250-MW wind project in Egypt.
The documents, initialled with the Egyptian Electricity Transmission Company (EETC) and Egypt's energy minister, include a power purchase agreement (PPA) and mark a major milestone in the company's development of the wind project, according to the announcement.
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, is developing the project in the Gulf of Suez, near Ras Ghareb, under the Egyptian government's build, own, operate (BOO) framework. Financial close and the start of construction are expected in 2018. The company said that extensive environmental and technical studies have been conducted on the site, showing positive results.
According to chief executive Chris Antonopoulos, Lekela looks forward to making further announcements in South Africa, Ghana and Senegal in due course.