Lekela Power has agreed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company and Egypt’s Minister of Energy for a 250MW wind farm in the Gulf of Suez.
Environmental and technical studies have already been carried out on the site, approximately 30km north-west of Ras Ghareb, the company said.
The next stage is to achieve financial close followed by the start of construction, which is expected to take place in 2018.
Lekela chief executive Chris Antonopoulos said: “The initialing of the PPA marks an important step for Lekela and its partners.
“This is part of our long-term strategic plan to deliver renewable energy to Egypt and support the diversification of its generation capacity at a highly competitive price.”
Lekela Power is a joint venture between Actis and Mainstream Renewable Power.
Image: Mainstream Renewable Power