Dutch renewable power generation company Lekela Power, a unit of Ireland’s Mainstream Renewable Power, has obtained land to build a wind farm in Ras Gharib in the Gulf of Suez, Egypt.
Once the land has been bought, Lekela Power will focus on financial mobilization for the wind project. The 250 megawatts wind farm project will require a commitment of $400 million and is partly financed by the Japan Bank for International Cooperation.
Lekela Power, which was granted the land by the New and Renewable Energy Authority, intends to complete the financial closing of the project by August 2019.
This will be followed by the negotiation and signing of a 20-year power purchase agreement with Egyptian Electricity Transmission Company. Construction of the wind farm is expected to begin immediately after this phase.