Lekela Power Company (Lekela) has signed Sunday two Memorandums of Understanding (MoUs) with Egypt’s New and Renewable Energy Authority (NREA) to generate 100MW from renewable energy.
The two MoUs target producing 50MW from solar power in Aswan governorate and 50MW from wind power in North West Gulf of Suez with feed-in tariff programme.
Lekela is a partnership between Actis, the global pan emerging market private equity firm, and Mainstream Renewable Power, the global wind and solar developer and builds on the success of two previous ventures between Actis and Mainstream in South Africa and Chile.
On other side, Chris Antonopoulos- Lekela’s CEO- asserted that signing the MoUs is an important step to enhance firm’s presence in Egypt’s power sector.
He added that the firm has an ambitious long-term strategy to invest in the Egyptian renewable energy sector as Egypt enjoys rich natural sources that qualify it to enter in several power fields.
Lekela has received the location of the solar power plant in Aswan and currently prepare for starting the works and field studies as well as preparing to receive the location of wind power plant in North West Gulf of Suez.
Furthermore, Lekela has submitted a competitive proposal for the 250 MW BOO wind power project at Gabal el Zeit with lowest overall tarrif.
Moreover, Lekela will deliver up to 1,000MW of wind and solar power in Africa over the next five years.
