Lekela secures US$252m funding for 250 MW wind project in Egypt
The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Overseas Private Investment Corporation (OPIC) have approved a US$252m funding for a new 250 MW wind project developed in the Gulf of Suez (Egypt) by Lekela Egypt Wind Power. The wind power project would avoid 550,000 tCO2/year and would generate power at an unsubsidised tariff, below the cost of conventional power.
The project builds on the success of the 1.5 GW Benban solar power project, which was also privately financed and which received funding from the EBRD. Lekela Egypt Wind Power is owned by Lekela Power, an independent power producer created by Actis Energy Fund III and Mainstrean Renewable Power to develop wind power projects in Africa.
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