The US government’s development finance institution, the Overseas Private Investment Corporation (OPIC), has approved an $87 million loan to Lekela Egypt Wind Power BOO. According to local media, Lekela Egypt Wind Power BOO, a subsidiary of Lekela Power, an independent power producer (IPP) based in Amsterdam, Netherlands, will use the loan to develop the Ras Gharib 250 MW wind project in the Gulf of Suez, in northeastern Egypt. The area has a high wind power generation potential (Wind Atlas), which experiences strong winds that sometimes reach a speed of up to 12 kilometers per hour. Lekela Egypt has received a clearance from the New and Renewable Energy Authority (NREA), the institution responsible for managing renewable energy projects in Egypt. Lekela is also seeking an $81 million support from the European Bank for Reconstruction and Development (EBRD).

Source: The North Africa Journal June 18, 2019 12:33 UTC