Lekela Power and the Egyptian Electricity Transmission Company (EETC) signed a power purchase agreement (PPA) for 250 megawatts from a wind farm in the Gulf of Suez.
Lekela, a renewable power generation company in South Africa, forecast to finalize the financial disclosure of the project by the next year.
Investment cost of Gulf of Suez wind farm amounted to $400 million, the company added.
Lekela is majority-owned by shareholders, 60% owned by Actis, the leading growth markets energy investor, and 40% by a consortium led by Mainstream Renewable Power which includes investors such as the IFC and the Rockefeller Brothers Fund, according to the company’s website.
In April, Lekela announced that it was seeking to sign the project contract in the second quarter of 2017.