June 18 (Renewables Now) - Egypt’s Elsewedy Electric SAE has entered into a share purchase agreement with Greek power producer RF Energy SA to fully acquire the operators of 63.6 MW of wind farm and mini hydro-power plants in Greece.
The total consideration for the acquisition, which is expected to be closed by June 28, is EUR 55 million (USD 61.6M), the Egyptian energy and infrastructure company said last week.
The capacity to be acquired is distributed between wind parks Aioliki Kilindrias SA, Kallisti Energeiaki SA and Aioliki Aderes SA, and one mini hydro-power plant Hydroelectriki Achaias SA. Elsewedy Electric plans to finance 75% of the acquisition with a project finance facility from the National Bank of Greece (NBG) and the rest with equity.
All four assets operate under power purchase agreements (PPAs) with public utility Diacheiristis Ananeosimon Pigon Energias Kia Eggyiseon Proelefsis SA (DAPEEP). The PPAs have tenors of between 12 and 20 years.
(EUR 1.0 = USD 1.12)