Elsewedy agrees to buy 4 wind farms, 1 SHPP in Greece

Photo: Pixabay


June 28, 2019






June 28, 2019





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.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

BiH digitalization speed up investments

BiH turns to digitalization to speed up investments

01 October 2022 - A new application provides a customized guide for specific projects, with a list of permits, consents and other necessary documentation

Joint venture for floating offshore wind farm in Adriatic of 525 MW

Joint venture for 525 MW floating offshore wind farm in Adriatic Sea

30 September 2022 - Galileo and Hope Group formed a joint venture to develop the Lupiae Maris project for a 525 MW floating wind farm in the Italian Adriatic

Wind turbine Siemens Gamesa lay off 10 workforce

Wind turbine giant Siemens Gamesa to lay off 10% of workforce

30 September 2022 - Delivery delays and the rise in material costs forced Siemens Gamesa to cut 2,900 jobs as part of its restructuring plan

Wastewater treatment plant i Leskovac starts power production from biogas

Wastewater treatment plant in Leskovac starts producing power from biogas

30 September 2022 - The trial operation of the water, and sludge lines of the facility has been finished, and gas generators have been put into trial operation