Lekela Power, a pan-African renewable power generation company, has signed a deal with
Egyptian government to build a 250 MW wind power station in the Gulf of Suez area at an investment of $350 million.

Lekela Power is 60 per cent owned by Actis, a leading emerging markets investor and 40 per cent Mainstream Renewable Power, a global wind and solar company.

This is the company's third project in Egypt following the signing of two power station contracts earlier this year - a 50 MW solar power station and 50 MW wind power station.

The upcoming project, to be situated in the Gulf of Suez area, aims to capitalise on Egypt’s unique wind resources and will be managed with a build, own and operate (BOO) framework, said a statement from Lekela.

Commenting on the deal, Chris Antonopoulos, the chief executive of Lekela Power, said: "We are delighted to have agreed heads of terms for our third project in Egypt and we look forward to continuing to provide clean, safe, and cost competitive energy to the Egyptian people through our wind and solar projects."

Launched in February of this year, Lekela Power has over 1,100 MW of wind and solar projects under construction or due to commence construction across South Africa, Egypt and Ghana.

Lekela Power is one of the biggest international platforms focused on renewable energy targeting the emerging markets.-TradeArabia News Service