Egypt's El Sewedy Electric acquires Greek renewables portfolio

The Egyptian energy and manufacturing company El Sewedy Electric is to enter in to share purchase agreement with R.F. Energy SA to purchase a 100% stake in four Greek renewable energy companies, three wind and one hydro-electric, for a total of €55-million.

The purchase agreement is to be paid for through a ring-fenced project from the National Bank of Greece which will cover up to 75% of the value and can be paid in equity.

The deal is expected to be completed by 28 June 2019 and is subject to relevant terms and conditions. 

A statement released by El Sewedy said: "The four Companies have an aggregate capacity of 63.6 MW, three wind parks; Aioliki Kilindrias SA, Kallisti Energeiaki SA, Aioliki Aderes SA and one small hydro power plant Hydroelectriki Achaias SA. The assets generate enough energy to power approximately 34,000 homes with an equivalent carbon footprint of 102 thousand tonnes."

Ahmed El Sewedy, President and CEO of ElSewedy Electric said: “The transaction is considered a remarkable milestone for the group, as it represents expansion into the renewable energy sector to include wind and hydroelectric energy under ElSewedy Electric's umbrella. This is in addition to the geographical expansion in Europe.”

Mr El Sewedy added that this is the company's second independent power producer (IPP) project in the EMEA region after Benban Solar Power plant in Egypt. 

Elsewedy Electric operates within the capital goods sector, focusing on electrical components and equipment. It has subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.

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