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Lekela Power secures financing for 250-MW wind project in Egypt

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Lekela Power secures financing for 250-MW wind project in Egypt

Lekela Power BV has secured financing for the 250-MW West Bakr wind project in Egypt.

The Overseas Private Investment Corp., the U.S. government's development finance institution; the International Finance Corp., a member of the World Bank Group; and the European Bank for Reconstruction and Development provided the financing for the wind facility, according to an Aug. 8 release.

Siemens Gamesa Renewable Energy SA will supply and install 96 turbines under an engineering, procurement and construction contract, which also includes a 15-year service agreement.

Lekela in February signed a power purchase agreement and a network connection contract with the Egyptian Electricity Transmission Co. after the project received cabinet approval.

Construction on the wind farm will begin shortly, with commercial operation scheduled for 2021.

West Bakr is part of the Egyptian government's build, own and operate scheme and will help the country increase its wind capacity by 14%. "This agreement is an important step and an integral part of our ambitious new and renewable energy strategy — to generate 20% of our energy capacity from renewable energy by 2022," Egyptian Electricity Transmission Co. Chairman Sabah Mashaly said.

Lekela currently has a wind portfolio of more than 1,000 MW under construction or in operation, including projects in Senegal, Ghana and South Africa.

The company is a joint venture between Irish developer Mainstream Renewable Power Ltd. and U.K. private equity investor Actis.