Actis Fund and Lekela Power signed the MoU in the presence of President Abdel Fattah Al-Sisi. Actis Fund also discussed future investment activities with the Egyptian Electricity Transmission Company (EETC).

Lekela Power signed a Memorandum of Understanding (MoU) for a $350m wind-power station in Egypt following a meeting with President Al-Sisi, according to a press statement by Actis on Thursday.

Lekela Power is 60% owned by Actis, a leading emerging markets investor. The other 40% is owned by Mainstream Renewable Power, a global wind and solar company.

Chief Executive Officer of Lekela Power, Chris Antonopoulos, said the new agreement is the third project by Lekela in Egypt.

Antonopoulos added that his company is looking forward to continue providing clean, safe, and cost competitive energy for the Egyptian people through wind and solar projects.

Actis Director Sherif Elkholy said that Actis is a committed, long-term investor in Egypt. Elkholy added that Actis has invested over $700m in Egypt to date, and the completion of this project will mark an important milestone for the fund in Egypt.

Lekela Power has over 1,100 MW of wind and solar projects under construction, which have been launched in February or due to commence construction next year across South Africa, Egypt and Ghana. It is one of the biggest international platforms focused on renewable energy targeting the emerging markets.

The construction of the new wind power plant in Egypt will be Lekela Power’s third project in Egypt, after two power station projects were contracted earlier this year, one for a 50 MW solar-power station and one for a 50 MW wind-power station.

The third project will be located in the Gulf of Suez area to capitalise on Egypt’s unique wind resources, and will be managed through a ‘build, own and operate’ (BOO) basis.