Mainstream Renewable Power (MRP), the wind energy company established by the Airtricity founder Eddie O'Connor, has reached an agreement with a Swiss company to buy a $525 million (€405 million) coastal wind farm project in Ghana.

MRP says it will co-develop the Ayitepa project, located about 40km from the African nation’s capital, Accra, alongside the Swiss vendor NEK Umwelttechnik until the deal closes next year.

The company said the 225-megawatt wind farm will supply about 10 per cent of all electricity generated in Ghana, once the project is completed.

MRP will lead the construction of the wind farm, which is still in development stage although it has secured “all necessary permits”, the company said. MRP will also operate the wind farm once it starts generating power in 2016.

“This wind farm is the ideal solution for Ghana because the country needs large quantities of electricity and it needs it fast,” said Mr O’Connor, a former chief executive of Bord na Móna.

The consideration paid by MRP to NEK was not disclosed, but the company said the Ayitepa project involves “a total investment” of $525 million.

Mr O'Connor set up MRP in 2008, after he sold Airtricity to Scottish & Southern Energy for about €1.4 billion. It has raised close to €400 million funding, including about €100 million last year from Japanese bank Marubeni.

The company is involved in several wind and solar projects in Africa, North America, South America and Europe, including eight gigawatts of proposed offshore capacity in England, Scotland and Germany.

Last year, it struck two separate deals with the furniture retailer Ikea to sell it two wind farms MRP is developing in Canada and Leitrim.

Mr O’Connor has previously touted Africa as having huge potential for renewable energy projects.