Elsewedy Electric cements position in Greece’s renewables market


Egypt’s Elsewedy Electric has finalised a €55 million deal with Greek wind energy company RF Energy to acquire 64MW of wind and hydro assets.

The transaction marks Elsewedy’s second independent power producer project in the EMEA region, after its $75 million investment in a solar energy facility in Benban.

The purchase includes three wind farms and two hydro plants, all part of RF Energy subsidiaries Kallisti Energy, Aioliki Aderes, Aioliki Kilindrias and Hydroelectric Achaias. RF Energy will retain management and operations roles after the sale.

Related Content:
– Read more on wind power here
– World’s biggest offshore wind farm begins operations
– Siemens Gamesa wins 640MW Taiwan offshore wind contract

The project and structured finance team from law firm Watson Farley & Williams’ Athens office advised RF Energy on the purchase.

The National Bank of Greece provided 75% of the total value of the deal through a credit facility, and the remaining funding was raised through equity.

The team was led by partner Virginia Murray supported by associates Vasia Zaverda and Maria Delagrammatika.

Murray said: “RF Energy has long-standing experience in managing and operating large scale energy projects and it was a great pleasure to work with such an expert client and professional counterparty.”

We spoke to Ali L. Mulla at 2018’s African Utility Week about the company’s strategy for success in relationships with utilities and industry partners. Here’s the video.