Egypt's Elsewedy Electric to buy four wind, hydro power plants in Greece
The $61.8m transaction with RF Energy SA marks Elsewedy's second investment in Egypt after Benban Solar Park
Egypt-based provider of integrated energy and infrastructure systems Elsewedy Electric said it had decided to enter a share purchase agreement with RF Energy SA – its second investment in the EMEA region after the Benban Solar Park in Aswan – to buy out its share capital in four active energy projects – three of which are in the wind sector and one in hydroelectric – for $61.8m, with three-quarters of the required funding to be paid for by a finance facility from National Bank of Greece, and the rest in equity.
The Aioliki Kilindrias SA, Kallisti Energeiaki SA, and Aoliki Aderes SA wind parks, and Hydroelectriki Achaias SA hydroelectric power plant, have an aggregate capacity of 63.6 MW, and could generate enough energy to power approximately 34,000 homes.
Located at Ermioni in Argoldia, Tsouka in Arcadia, Kilkis in Macedonia, and Achaia, the plants benefit from existing infrastructure and interconnections, and a fixed tariff for all of the generated capacity under the power purchase agreements for their tenors, varying from 12 to 20 years.
Commenting on the move in a company statement, president and chief executive officer of Elsewedy Electric, Ahmed Elsewedy, said “the transaction is considered a remarkable milestone for the group” and had made the company one of the “top renewable energy operators in Greece”.