{"id":74905,"date":"2022-11-22T02:05:41","date_gmt":"2022-11-22T02:05:41","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/22\/lekela-looking-to-invest-usd-2-bn-in-egypt-over-the-next-four-years-has-bns-more-for-africa\/"},"modified":"2022-11-22T02:05:41","modified_gmt":"2022-11-22T02:05:41","slug":"lekela-looking-to-invest-usd-2-bn-in-egypt-over-the-next-four-years-has-bns-more-for-africa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/22\/lekela-looking-to-invest-usd-2-bn-in-egypt-over-the-next-four-years-has-bns-more-for-africa\/","title":{"rendered":"Lekela looking to invest USD 2 bn in Egypt over the next four years, has bns more for Africa"},"content":{"rendered":"

<\/a> Independent power producer <\/strong>Lekela<\/a><\/strong> will invest USD 2 bn in Egypt over the <\/strong>next four years<\/strong>, the company\u2019s CEO Chris Antonopoulous told Bloomberg Asharq<\/a> on the sidelines of COP27. This is part of the company\u2019s USD 6 bn plan to quadruple its energy production capacity in Africa \u2014 with a focus on wind \u2014 to 4 GW by 2026. In Egypt, the company is looking to build wind farms west of the Nile as the Red Sea becomes saturated, he said.<\/p>\n

Where else is the money going? <\/strong>Another USD 2 bn are earmarked for South Africa, while the rest will go to other African markets, he added.<\/p>\n

And where will it come from? <\/strong>The company generally looks to finance some 25-40% of its projects through the sale of ownership stakes, he told Bloomberg, with the remainder coming from banks and long-term multilateral lenders like the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).<\/p>\n

Lekela\u2019s new owners will increase its focus on the Middle East (and Egypt): <\/strong>The company was acquired<\/a> by Egyptian renewables provider Infinity<\/a> and Africa Finance Corporation<\/a> last summer, making Infinity the continent\u2019s largest renewables player. The acquisition is expected to close in January, Infinity co-founder and chairman Mohamed Mansour told Bloomberg<\/a>. \u201cWith the acquisition, we will transform into a Middle Eastern company,\u201d Antonopoulous added. The company currently does not have any projects in the Middle East, besides its 252 MW West Bakr wind farm in Egypt, according to its website<\/a>.<\/p>\n

And will widen its targeted sector pool: <\/strong>\u201cWe look forward to entering new sectors such as green water desalination and green hydrogen production, hopefully in partnership with the Sovereign Fund of Egypt,\u201d Antonopoulos explained.<\/p>\n","protected":false},"excerpt":{"rendered":"

Independent power producer Lekela will invest USD 2 bn in Egypt over the next four years, the company\u2019s CEO Chris Antonopoulous told Bloomberg Asharq on the sidelines of COP27. This is part of the company\u2019s USD 6 bn plan to quadruple its energy production capacity in Africa \u2014 with a focus on wind \u2014 to […]<\/p>\n","protected":false},"author":1,"featured_media":74906,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[104],"tags":[280,100,40,11,39,1299,88,46],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-renewables","tag-africa","tag-desalination","tag-egypt","tag-enterpriseclimate","tag-green-hydrogen","tag-lekela","tag-renewables","tag-wind-energy","wpautop","entry"],"acf":{"mongo_id":"2acb1a85-79ae-4d4a-bf2a-c02bd889fb4e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/2579.jpg","photo_position":"above","related_issue":[74897],"teaser":"","voice_url":""},"yoast_head":"\nLekela looking to invest USD 2 bn in Egypt over the next four years, has bns more for Africa - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/22\/lekela-looking-to-invest-usd-2-bn-in-egypt-over-the-next-four-years-has-bns-more-for-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lekela looking to invest USD 2 bn in Egypt over the next four years, has bns more for Africa\" \/>\n<meta property=\"og:description\" content=\"Independent power producer Lekela will invest USD 2 bn in Egypt over the next four years, the company\u2019s CEO Chris Antonopoulous told Bloomberg Asharq on the sidelines of COP27. 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