Mainstream is developing 350 megawatts of power plants in Egypt through its joint venture company Lekela Power. In January 2015, it was awarded 100 megawatts as part of the FIT regime. And, in November 2015, it signed a Memorandum of Understanding with the Egyptian Electricity Transmission Company for a 250 megawatt wind power station in Egypt’s Gulf of Suez area. This latest project will capitalize on Egypt’s unique wind resources and will be managed with a build, own and operate (BOO) framework.
Lekela representatives met with President Al-Sisi last November to mark the agreement with the EETC. Commenting on the agreement, Chris Antonopoulos, Chief Executive Officer of Lekela 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.”
Lekela Power is owned 40% Mainstream Renewable Power and 60% by Actis, a leading emerging markets investor.