Lekela Reaches Financial Close on First Wind Project in Egypt
Lekela has successfully reached financial close on its first wind project in Egypt: West Bakr Wind. Construction will shortly begin, delivering 250MW of clean, reliable power at a highly competitive price. Once the project is fully operational in 2021, it will produce over 1,000GWh per year and power more than 350,000 homes. Located 30 kilometres north-west of Ras Ghareb, West Bakr Wind is part of the Government’s Build, Own, Operate scheme. It will increase Egypt’s wind energy capacity by 14%, as the country strives to meet its target of generating 20% of its electricity from renewable sources by 2022; which includes a 67% partnership with the private sector. The project will also reduce more than 550,000 tonnes of carbon dioxide emissions per year.
West Bakr Wind joins Lekela’s portfolio of wind projects across Senegal, Ghana and South Africa. In total, over 1,000MW is now in operation or construction.
Chris Antonopoulos, Chief Executive Officer at Lekela said that “This is a major milestone, not just for Lekela and its partners, but also for Egypt and its clean energy strategy. We are proud to play a part in supporting the diversification of Egypt’s generation capacity by delivering best-in-class clean energy projects. As our first project in Egypt, we have enjoyed working closely with partners and stakeholders, including the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority, to get to this point. We see great opportunity to invest in wind energy in Egypt, and we look forward to working in the country for years to come.”
As part of Lekela’s strategy to create long-term value for the communities in which it operates, the project has developed a Community Investment Plan focusing on enterprise, education and environment initiatives. Local employment opportunities will be created alongside skills development and training to improve future employment prospects. During peak construction, the project will employ up to 550 people.
Source : Strategic Research Institute