Elsewedy Electric acquires portfolio or Renewable Energy Assests in operationin Greece

17 Jun 2019

ArabFinance: Elsewedy Electric S.A.E (SWDY), a leading Integrated Energy and Infrastructure Solution Provider announces entering into a Share Purchase Agreement with R.F Energy S.A ( a subsidiary of G.G Europe S.A) to acquire 100% of the share capital of 3 wind and 1 hydro-electric energy companies in operation in Greece for a total consideration of €55 million. This will be funded by a ring-fenced project finance facility form 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 the 28th of June 2019 and subject to the normal terms and conditions for completing similar transactions.

'The transaction is considered a remarkable milestone for the group by expanding into the REnewable Energy sector and include Wind and Hydro-electric energy under Elsewedy Electric umbrella with geographical expansion in Europe. Elsewedy Electric is now one of the top renewable energy operators in Greece. Moreover, this investment is our second Independent Power Producer (IPP) Project in the EMEA region after Benhan Solar Power Plant in Egypt. As part of Elsewedy Electric Corporate Social Responsibility, we will always be seeking investment opportunties that provide sustainable solutions and added-value for the general good of people/', said Ahmed Elsewedy, President & CEO of Elsewedy Electric.

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