Elsewedy Electric has achieved a major milestone by securing financial backing for Greece’s first large-scale battery energy storage system.
Through its subsidiary, Energy Bank I S.A., the company will implement a 50MW/100MWh battery energy storage system, a landmark development in Greece’s move towards renewable energy. This initiative is a crucial step in Elsewedy Electric’s broader strategy to expand its renewable energy portfolio, ultimately supporting Greece’s transition to a low-carbon economy.
The project has garnered financial support through various channels. It is fortified by a 10-year contract for difference awarded during Greece’s first competitive auction. Additionally, the project benefits from a €10 million state-aid grant, a €5.5 million loan from the European Union’s Recovery and Resilience Fund, and a €10 million non-recourse project finance loan arranged by the National Bank of Greece.
This battery energy storage system is designed to enhance grid stability and support Greece’s decarbonization goals. Elsewedy Electric aims to lead green energy development and secure a reliable energy supply. The project signifies a substantial advancement towards sustainable energy infrastructure in Greece.
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