Lekela, NREA sign land agreement for USD 325 mn, 250 MW Suez wind farm

Actis-backed Lekela Power has signed a land usufruct agreement with the New and Renewable Energy Authority (NREA) for its USD 325 mn, 250 MW wind farm in the Gulf of Suez, according to a cabinet statement. Lekela will pay the NREA 2% of the power produced annually for its right to use the land, NREA Chairman Mohamed El Khayat said. The Egyptian Electricity Transmission Company will purchase the remaining amount at an unannounced tariff both sides agreed on when they signed the power purchase agreement last month.