Egypt to achieve 20% renewable power in 2022: Lekela Power

CAIRO - 14 February 2019: Egypt targets to achieve20 percent renewable power in its overall energy mix by 2022, Chief Executive Officer at Lekela Power, Chris Antonopoulos commented after signing a power purchase agreement (PPA).

Antonopoulossigned the agreement with the Egyptian Electricity Transmission Company (EETC) for its 250MW wind farm project in the Gulf of Suez, near RasGhareb.
Antonopoulos stated that the agreement is a major milestone for delivering a 250MW wind farm to help achieve that goal.

"Across Africa, we are starting to see the positive impact renewable energy can have on communities and on enterprise. Egypt is a key part of our strategy to develop 1,300MW of clean energy across Africa which will drive economic and social prosperity for its communities," he added.

For his part, General Manager at Lekela Egypt Faisal Eissa commented, “We are excited to progress this project with the signing of the PPA. Egypt has favorable conditions to produce renewable energy and it is great to see that the government has ambitions to bring more clean energy onto the grid."

"Furthermore, we look forward to working with the local community to develop a community investment plan that will leave an impact that lasts even longer than the wind farm itself," Eissa added.

The project,located 30 kilometers north-west of RasGhareb,will increase Egypt’s wind energy capacity by 14 percent once constructed.

The Ministry of Investment and International Cooperation announced that the project will produce more than 1000GWh a year, powering the equivalent of over 350,000 homes in Egypt.

"The total investment for the project is estimated at $325 million and leading development finance institutions have been mandated to provide financing. The Network Connection Agreement with EETC has been signed," according to Investment Ministry.
The project will be constructed on a turnkey EPC basis and an announcement regarding the EPC contractor will be made at a later date.

The financial close is expected to take place later this year, and the project is expected to be operational in 2021.

PM attends signing of cooperation protocol on setting up wind farm

CAIRO - 13 February 2019: Prime Minister MoustafaMadbouli witnessed on Wednesday the signing ceremony of a protocol of cooperation between the Egyptian Electricity Transmission Company (EETC) and Lekela Power company on setting up a 250-megawatt wind power plant under the BOO system in the Gulf of Suez region.