Elsewedy Electric, a prominent player in integrated energy solutions, has announced the financial close of Greece’s inaugural large-scale Battery Energy Storage System (BESS) project. This significant 50MW/100MWh initiative, executed through their subsidiary Energy Bank I S.A., marks a pivotal moment in Greece’s energy transition journey.
This project underscores Elsewedy Electric’s commitment to expanding its renewable energy portfolio and supporting Greece’s shift toward a sustainable, low-carbon energy future. Once operational, the BESS will provide critical energy storage and balancing services, significantly enhancing the stability and reliability of Greece’s electricity grid.
To ensure financial viability, the project secured a 10-year Contract for Difference (CfD) through Greece’s first competitive government-organized auction. Financial backing includes a €10 million State-Aid Grant, a €5.5 million loan from the European Union’s Recovery and Resilience Fund (RRF), and a €10 million non-recourse project finance loan arranged by the National Bank of Greece S.A. (NBG).
“This project marks a significant advance as we expand our renewable energy portfolio and contribute to Greece’s sustainable energy future,” stated Omar Foda, Corporate Investment Director at Elsewedy Electric. “It underscores our commitment to delivering innovative energy solutions that bolster grid reliability and drive decarbonization initiatives across Europe.”
The project aligns with Greece’s ambitious energy goals. According to the Greek Ministry of Environment and Energy, the country aims to derive 35% of its energy from renewable sources by 2030, up from approximately 19% in recent years. The integration of battery storage systems is crucial to achieving these targets, providing stability to the grid and enabling higher penetration of intermittent renewable energy sources like solar and wind.
Energy analysts recognize the significance of such projects. Dr. Katerina Papadopoulos, an energy policy expert, commented, “Elsewedy Electric’s initiative sets a benchmark for future energy storage projects in Greece and throughout Europe. It represents a critical component of the infrastructure needed to support Greece’s renewable energy targets.”
Elsewedy Electric’s strategic move not only supports Greece’s energy transition but also positions the company as a leader in the development of renewable and green energy projects. As Greece’s energy landscape continues to evolve, this BESS project is set to become a cornerstone in achieving a greener, more resilient future.
