Lekela Power, a $1.9bn pan-African renewable power JV by Actis and Mainstream Renewable Power, has signed a memorandum of understanding (MoU) with the Egyptian Electricity Transmission Company for a 250MW wind power project in the country.
The private equity investor Actis owns 60% stake in Lekela Power, and the remaining 40% is owned by Irish green energy developer Mainstream Renewable Power.
The planned wind power development is expected to cost around $350m, reports Daily News Egypt.
Located in the Gulf of Suez area, the wind farm is expected to leverage Egypt’s unique wind resources and will be managed under a build, own and operate (BOO) framework.
The deal represents Lekela Power’s third Egyptian project. Earlier this year the firm signed deals for two more; a wind and a solar power project each having a 50MW capacity.
Lekela Power chief executive officer Chris Antonopoulos 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."
The JV had only been launched in February 2015, and contains more than 1,100MW of wind and solar energy projects within its portfolio.
Construction for the renewable projects, which are spread across South Africa, Egypt and Ghana, are either underway or about to begin.