Lekela Power, the joint venture between private equity firm Actis and developer Mainstream Renewable Power which was launched in February this year, announced the signature of Memorandum of Understanding with the Egyptian Electricity Transmission Company to develop a $350 million wind power station in the Gulf of Suez. The station will be managed within a build, own and operate framework, and, when completed, will have a 250 MW generation capacity.
The project would be Lekela’s third in Egypt, joining a planned 50MW solar station and a 50MW wind station which were agreed earlier in the year. Lekela Power, now one of the largest international developers of renewable energy platforms in the emerging markets, has over 1,100 MW or wind and solar projects, both planned and under construction, across South Africa, Egypt and Ghana.
“Actis is a committed, long-term investor in Egypt,” said Sherif Elkhoy, a Director at Actis. “We have invested over $700 million in Egypt to date and the completion of this project will mark an important milestone for Actis in Egypt.”
Actis has a 60% interest in Lekela Power, with Mainstream Renewables holding the balance of the company.