Elsewedy Electric secures funding for Greece’s 1st large-scale battery energy storage system
Updated 1/21/2025 8:25:00 AM
Arab Finance: Elsewedy Electric has reached a financial close on a 50MW/100MWh battery energy storage system (BESS) project in Greece through its subsidiary, Energy Bank I S.A, as per a statement.
The project, the first standalone system of its scale in Greece, marks a significant step in the company’s strategy to expand its renewable energy portfolio and support Greece’s transition to a low-carbon economy.
The project is supported by a 10-year contract for difference (CfD) awarded during Greece’s first competitive auction.
It also benefits from a €10 million state-aid grant, a €5.5 million loan from the EU’s Recovery and Resilience Fund, and a €10 million non-recourse project finance loan arranged by the National Bank of Greece.
Designed to enhance grid stability and support Greece’s decarbonization goals, the project is a cornerstone in Elsewedy Electric’s efforts to lead in green energy development and ensure a reliable energy supply.
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