Mainstream, Actis Venture to Build Wind and Solar Farms in Egypt

Lekela Power, a joint venture between Dublin-based Mainstream Renewable Power Ltd. and Actis LLP, agreed to build a wind farm and a solar project in Egypt, each with 50 megawatts of capacity.

Lekela will install the solar farm in Aswan, in the country’s south, and the wind project near the Gulf of Suez, it said Tuesday in an e-mailed statement. Terms weren’t disclosed.

Egypt has set a target of getting 20 percent of its electricity from low-carbon sources by 2020, up from 12 percent now. It expects to install 4.3 gigawatts of solar and wind through 2017.

Mainstream and Actis formed Lekela in February to build $1.9 billion of wind and solar projects across Africa. It has 860 megawatts of projects at the development and construction stage, according to the statement.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE