ArabFinance: Lekela Power is planning to boost its investment in Egypt to reach $1 billion within the coming four years, Al Borsa News reported.
The renewable power generation company is currently considering investing in green hydrogen production and desalination projects in Egypt over the coming period, CEO of Lekela Power Chris Antonopoulos said.
Moreover, he pointed out that Egypt is capable of offering investment opportunities in the green hydrogen production field, particularly after the decline in tariffs of the electricity generated from solar power plants and wind turbines.
In the meantime, the company is interested in investing in renewable energy projects in Africa, targeting projects with capacities of up to 1 gigawatt in five years, Antonopoulos noted.
For his part, Lekela Egypt General Director Faisal Essa said that the commercial operation of the West Bakr wind turbine has begun, with a capacity of 250 megawatts.
The generated power from the wind turbine has been sold to Egyptian Electricity Transmission Co (EETC) as per the power purchase agreement, Essa added.
He also noted that Lekela Power is looking forward to competing on renewable energy projects with capacities of up to 1.5 gigawatts in Egypt, adding that it has the potential to implement projects with capacities ranging between 600 and 700 megawatts in five years.
