West Bakr Wind Farm

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The project involves the development, construction and operation of the 252 MW West Bakr Wind Farm, located in Gulf of Suez, approximately 30km North-West of Ras Ghareb in Egypt. It is part of the government’s Build, Own, Operate framework. Lekela Egypt Wind Power BOO SAE is the project company, owned by Lekela Power BV, which in turn is owned by Actis Energy Fund III (60%) and Mainstrean Renewable Power (40%). Lekela signed a 20-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority in February 2019. The total project cost is $ 335 million. EBRD will provide senior secured loan of $ 81 million, Overseas Private Investment Corporation (OPIC) will provide $ 87 million, IFC will provide $84 million in financing in the form of A loan of up to $26 million and $58 million from IFC’s innovative syndications platform, the Managed Co-Lending Portfolio Program. MIGA will offer $122 million in financial guarantees. Financial close was reached in August 2019.Construction started on February 25, 2020. The project is expected to be operational in 2021 and should produce over 1,000 GWhs powering more than 350,000 homes and avoiding more than 550,000 tons of CO2 emissions annually. https://ifcextapps.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/454B6D9DBC50CA36852584500036EC3C https://www.ebrd.com/news/2019/us-252-million-loan-for-250-mw-wind-farm-in-gulf-of-suez.html https://lekela.com/projects/egypt-gulf-of-suez-2/ https://ijglobal.com/articles/142467/west-bakr-wind-farm-egypt https://ijglobal.com/data/transaction/35061?name=Lekela%20Wind%20Farm%20(250MW)&link=%2Farticles%2F142467%2Fwest-bakr-wind-farm-egypt, https://www.africanreview.com/energy-a-power/renewables/lekela-inaugurates-first-wind-farm-in-west-africa