Elsewedy Electric, a leading provider of integrated energy, infrastructure, and digital solutions, has announced the financial close of a landmark 50MW/100MWh Battery Energy Storage System (BESS) project in Greece through its wholly owned subsidiary, Energy Bank I S.A. This project represents a significant milestone as Greece's first standalone, large-scale battery storage initiative. The project aligns with Elsewedy Electric's strategic focus on expanding its renewable energy portfolio and underscores its commitment to supporting Greece's transition toward a sustainable, low-carbon energy future. Once operational, the BESS will play a vital role in enhancing the stability of Greece's electricity grid by providing critical energy storage and balancing services. To ensure the project's financial viability, Elsewedy Electric's subsidiary secured a 10-year Contract for Difference (CfD) through Greece's first competitive auction organized by the government. The project's funding is bolstered by a €10 million State-Aid Grant, a €5.5m loan from the European Union's Recovery and Resilience Fund (RRF), and a €10m non-recourse project finance loan arranged by the National Bank of Greece S.A. (NBG). "This project represents a significant step forward for Elsewedy Electric as we expand our renewable energy portfolio and contribute to Greece's sustainable energy future," said Omar Foda, Corporate Investment Director at Elsewedy Electric. "It underscores our commitment to delivering innovative energy solutions that enhance grid reliability and advance decarbonisation initiatives across Europe." The financial close of the project is part of Elsewedy Electric's broader strategy to lead in the development of renewable and green energy projects. By advancing the energy transition in Greece, the company aims to set a precedent for large-scale energy storage initiatives that promote grid stability and a reliable energy supply. This groundbreaking project demonstrates Elsewedy Electric's dedication to fostering a sustainable energy ecosystem in Greece and supporting the nation's decarbonisation goals. As Greece's energy landscape evolves, the BESS project is poised to be a cornerstone in achieving a greener, more resilient future.
