Mainstream is developing 300 megawatts of wind power plants in Egypt through its joint venture company Lekela Power. It is progressing the development of a 50 megawatt wind project awarded as part of the FIT regime in January 2015. 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 BOO agreement, Chris Antonopoulos, Chief Executive Officer of Lekela said: “We are delighted to have agreed heads of terms for this project in Egypt and we look forward to continuing to provide clean, safe, and cost competitive energy to the Egyptian people.’
Lekela Power is owned 40% Mainstream Renewable Power and 60% by Actis, a leading emerging markets investor.