Elsewedy Electric enters agreement to acquire 63.6 MW RE projects portfolio in Greece

Elsewedy Electric has entered into a Share Purchase Agreement with R.F Energy (a unit of F.G. Europe) to acquire 100% of the share capital of three wind and on hydroelectric energy companies in operation in Greece for a total consideration of EUR55 million (US$61.59 million). 

The deal will be funded by a ring-fenced project finance facility from National Bank of Greece (NBG) covering up to 75% of the value, with the balance to be paid in equity. The completion date is expected to be on or before June 28, 2019. The transaction is subject tothe normal terms and conditions for completing similar transactions. 

The assets to be acquired are distributed between wind parks Aioliki Kilindrias SA, Kallisti Energeiaki SA and Aioliki Aderes SA, and one mini hydro-power plant Hydroelectriki Achaias SA. 

The assets operate under a power purchase agreement (PPAs) with the public utility Diacheiristis Ananeosimon Pigon Energias Kia Eggyiseon Proelefsis SA (DAPEEP). The PPAs have tenors of between 12 and 20 years.