Lekala Renewable Energy Company signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), Al Mal reported.
According to the agreement, Lekala will sell electricity produced from its 250 megawatt (MW) wind farm located in the Gulf of Suez, 30 kilometers north-west of Ras Ghareb.
The wind farm is expected to help Egypt achieve its targets for renewable energy under the Build Own Operate (BOO) scheme.
Lekala’s wind farm is set to boost Egypt’s wind energy capacity by 14%, as it will produce 1,000 gigawatt hours (GWH) of electricity each year, which can supply over 350,000 Egyptian households.
The wind farm’s total investments are estimated to reach $325 million.