The Project will be developed by Lekela Egypt Wind Power BOO S.A.E. (the “Project Company”), a special purpose vehicle incorporated in Egypt and owned by Lekela Power B.V. which in turn is owned by Actis Sky B.V. (60%) and Mainstream Renewable Power Africa Holdings (40%) (together, the “Sponsors”).

Lekela Power B.V (“Lekela”) was established in 2015 by its shareholders as a pan-African renewable energy generation platform focused on the development, construction and operation of economically sustainable renewable energy businesses in Africa. Lekela’s portfolio currently includes around 1.3 GW of projects in various stages of development in South Africa, Senegal, Egypt and Ghana.

Lekela is majority-owned by shareholders, 60% owned by Actis, a leading growth markets energy investor and 40% by a consortium led by Mainstream Renewable Power which includes investors such as the IFC and the Rockefeller Brothers Fund.

 The total Project cost is estimated at US$ 325 million, of which IFC's investment is expected to consist of an A loan of c. US$ 25 million and the mobilization provided under IFC’s Managed Co-Lending Portfolio Program (“MCPP”) of c. US$ 57 million. EBRD and OPIC are expected to provide the remainder of the debt financing required.                                                

 The Project is located in the Gulf of Suez area of Egypt approximately 30km North-West of Ras Ghareb on the Red Sea. The site is largely uncultivated and uninhabited. Land is owned by the New and Renewable Energy Authority (“NREA”) who will sign with the Project Company an Usufruct Agreement.                                              

  This is a Category A project per IFC’s Policy on Environmental and Social Sustainability. Although the project is not located within Critical Habitat (the Gebel El Zeit Important Bird Area is located 12 km to the south), it does lie on the edge of the Rift Valley – Red Sea flyway for migratory soaring birds. Studies have shown that globally-important concentrations of thirteen bird species migrate over the area during Spring and Autumn migrations; as such, the key E&S issue for this project concerns the avoidance, monitoring and management of potential adverse impacts (including cumulative impacts) on migratory soaring birds during wind farm operation. Other, more limited, E&S risks and issues are those associated with the construction phase of any wind farm project. Social risks and impacts are expected to be limited as there are no residences within 20 km of the site, affected land is not being used by any community, and construction phase labor influx is expected to be limited due to local sourcing labor policies of the project.