Under the terms of the MoUs, the company will develop a 50MW solar facility in Aswan, in addition to a 50MW wind project near the Gulf of Suez, under the feed in tariff scheme.
Lekela has already acquired land in Aswan for the construction of the solar plant and expects to soon commence related site works and studies.
The site for the wind farm at the West Gulf of Suez is expected to be acquired in the near future.
Mainstream Renewable Power onshore procurement, construction and operations managing director Barry Lynch said: "The projects can be delivered at the scale and the speed required, as well as at a price which is cheaper than new thermal generation."
The MoUs come in line with Lekela’s plan to invest $1.9bn over the next five years to have up to 1,000MW of installed renewable energy in countries across Africa.
The company currently has 860MW of projects either at the development and construction phase.
Lekela Power CEO Chris Antonopoulos said: "We have a long-term strategic plan to deliver renewable energy in Egypt; and a great ambition to continue to grow a significant presence in the market.
"Egypt’s abundance of natural resources set the perfect parameters for entering into renewable energy; and presents a strategic solution to the country’s pressing energy demands."
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