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Financial closure achieved for West Bakr wind power project

Tuesday, 13 Aug 2019
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Financial closure has been achieved for 250 MW West Bakr wind farm project in Egypt. The financial closure has been reached nearly four years since the developer, Lakela Power, a 60:40 joint venture (JV) between Actis and a consortium led by Ireland-based wind and solar developer Mainstream Renewable Power, first signed a memorandum of understanding (MoU) over the project.

The Overseas Private Investment Corporation (OPIC), the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) have provided subsidy for the project.

The stage construction works for the project will commence as soon as possible at the projects site situated 30 km north-west of Ras Ghareb, the northernmost of the markazes (municipalities) in the Red Sea Governorate of Egypt.

The power plant will be fitted with 96 units of Siemens Gamesa Renewable Energy’s SG 2.6-114 turbines through a turnkey engineering, procurement and construction (EPC) contract, that states that the latter will provide a 15 year long-term maintenance services as well.

Lakela West Bakr wind farm is expected to be fully operational in 2021 with a capacity to produce 1,000 GWh per year, enough to power more than 3,50,000 homesteads.

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