Egypt’s Elsewedy Electric, an integrated energy and infrastructure solution provider, has announced entering into a share purchase agreement with R.F. Energy S.A. (a subsidiary of F.G Europe S.A.) to acquire 100% of the share capital of 3 wind energy and 1 hydropower companies in operation in Greece. The total consideration agreed is EUR 55 million, Elsewedy said in a press release.

The 4 companies in Greece that Elsewedi Electric has agreed to buy have an aggregate capacity of 63.6 MW, including three wind farms – Aioliki Kilindrias SA, Kallisti Energeiaki SA, and Aioliki Aderes SA – and one small hydropower plant (SHPP) – Hydroelectriki Achaias SA.

The assets in Greece generate enough energy to power approximately 34,000 homes with an equivalent carbon dioxide (CO2) footprint of 102,000 tons, according to Elsewedy’s press release.

The assets generate enough energy to power 34,000 homes with an equivalent CO2 footprint of 102,000 tons

The assets benefit from a fixed tariff for all of the generated capacity under Power Purchase Agreements (PPA) for tenors varying from 12 years to 20 years. The PPAs stipulate that the public utility offtaker DAPEEP guarantees the purchase of all the energy produced at the wind farms.

The assets benefit from a fixed tariff for all of the generated capacity under Power Purchase Agreements

The wind farms are located at Ermioni in Argolida, Tsouka in Arcadia, Kilkis in Macedonia and Achaia. The assets benefit from existing infrastructure and interconnections. All the wind farms use Vestas Wind Turbine Generators (WTG) and are under Operation & Maintenance contract with Vestas Hellas Wind Technology S.A.R.F. Energy S.A.

The transaction is making Elsewedi Electric one of the top renewable energy operators in Greece, commented President and CEO Ahmed Elsewedy.

Elsewedy Electric has a portfolio incorporating all traditional and renewable energy areas along with related services. It is one of the largest manufacturers of cables and meters worldwide, especially smart meters, according to the press release.