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Wednesday, 14 August 2019

EBRD, IFC, OPIC agree to finance USD 252 mn of Lekela Egypt’s 250 MW wind farm

INVESTMENT WATCH- EBRD, IFC, OPIC agree to finance USD 252 mn of Lekela’s 250 MW wind farm: The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Overseas Private Investment Corporation (OPIC) have agreed to jointly provide USD 252 mn in funding to Lekela Egypt’s 250 MW wind project in West Bakr in the Gulf of Suez, the EBRD said in a statement on Thursday. “The project builds on the success of Egypt's 1.5 GW Benban solar complex, now nearing completion, which is also privately financed and for which EBRD is the largest financier,” the EBRD said. The project will be built under the build-own-operate (BOO) framework.

Work to progress soon on the project: Construction will shortly begin in the project, Lekela said in a statement. The plant will produce over 1,000 GWh per year, providing power to more than 350,000 homes and increasing Egypt’s wind energy capacity by 14% once it is complete in 2021. Siemens Gamesa Renewable Energy will install 96 of their SG 2.6-114 turbines through a turnkey EPC contract and will provide long term maintenance services through a 15-year agreement, Lekela said.

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