The project consists of the construction, operation and maintenance of a 250 MW wind farm in Egypt's Gulf of Suez area. The Project will be an Independent Power Producer, generating an average of 1120 GWh annually for sale to the Egyptian Electricity Transmission Company (EETC) under a 20-year Power Purchase Agreement. Turbine supplier Senvion will be the Engineering, Procurement and Construction and the equipment Operations and Maintenance contractor. Construction is expected to begin in March 2019 and operations two years later.
The Project is located in the Gulf of Suez area of Egypt approximately 30km North-West of Ras Ghareb on the Red Sea. The site is largely uncultivated and uninhabited. Land is owned by the New and Renewable Energy Authority who will sign with the Project Company an Usufruct Agreement.
The total Project cost is estimated at US$ 325 million, of which IFC's investment is expected to consist of an A loan of c. US$ 25 million and the mobilization provided under IFC’s Managed Co-Lending Portfolio Program of c. US$ 57 million. EBRD and OPIC are expected to provide the remainder of the debt financing required.
The Project will be developed by Lekela Egypt Wind Power BOO S.A.E., a special purpose vehicle incorporated in Egypt and owned by Lekela Power B.V. which in turn is owned by Actis Sky B.V. (60%) and Mainstream Renewable Power Africa Holdings (40%).
Lekela Power B.V was established in 2015 by its shareholders as a pan-African renewable energy generation platform focused on the development, construction and operation of economically sustainable renewable energy businesses in Africa. Lekela’s portfolio currently includes around 1.3 GW of projects in various stages of development in South Africa, Senegal, Egypt and Ghana.
Lekela is majority-owned by shareholders, 60% owned by Actis, a leading growth markets energy investor and 40% by a consortium led by Mainstream Renewable Power which includes investors such as the IFC and the Rockefeller Brothers Fund.
Lekela Advisors Ltd
+44 (0)203 146 3522
36 Harbour Exchange Square, London, E14 9GE, United Kingdom
Local Access for Project Information
Contact Person: Chad Canfield
Company: Lekela Advisors Ltd.
Address: 36 Harbour Exchange Square, London, E14 9GE, United Kingdom
Phone: +44 (0)2031463522
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