​Elsewedy Electric, an energy and infrastructure solution provider, will get from National Bank of Greece (NBG) a bilateral bond loan up to EUR 41.745 mn (EGP 783.026 mn) to finance the former’s acquisition of renewable energy projects in Greece, Invest-Gate reports.

“The successful underwriting and arrangement on an exclusive basis” of the financing pack to the company, NBG announced in a statement on July 1.

“The facility is successfully utilized, with its proceeds being used to partially finance the company’s acquisition of a portfolio of renewable energy projects in Greece. [It] is structured as a long-term, non-recourse portfolio financing to the company, aligned to the customary principles of the international leveraged buyout market,” it elaborated.

Assistant General Manager, and Corporate and Investment Banking at NBG Vassilis Karamouzis commented, “The local secondary energy market evolves into a key driver of Foreign Direct Investment in the country, due to its relative value mostly in terms of locked tariffs of existing projects. The transaction falls at the forefront of NBG’s corporate strategy to optimally employ our robust liquidity, as it bridges our top capabilities in financing Energy sector initiatives, with our strong focus to facilitate international demand for Greek risk.”

White and Case and Potamitis Vekris acted, respectively, as NBG’s international and Greek legal counsel in relation to the transaction.

Earlier June, Elsewedy Electric announced entering has into a purchase agreement with R.F. Energy, a subsidiary of F.G Europe, to acquire 100% stake in four Greece-based companies for EUR 55 mn. The purchase deal includes the acquisition of three wind energy companies and another firm owning a hydroelectric power project.