National Bank of Greece Finances First Energy Storage Project in Country

The National Bank of Greece (NBG) has signed a loan agreement with ELSEWEDY ELECTRIC SAE to finance the construction of Greece’s first energy storage project.

The project, with an installed capacity of 50MW/100MWh, was selected as part of the first Competitive Procedure conducted by RAAEY (the Regulatory Authority for Waste, Energy, and Water) in July 2023. Located in the municipal unit of Oinofyta in the Tanagra Municipality, Boeotia, in Central Greece, the storage unit will connect to the high-voltage grid (150kV) via a 33/150kV medium-to-high voltage substation, which will be constructed on-site alongside the unit.

The total financing for the project amounts to €41.9 million, comprising:

€5.5 million in loans from the Recovery and Resilience Facility (RRF),
€10 million in investment support from the RRF,
€18.2 million in bank financing from the National Bank of Greece, and
€8.2 million in equity from ELSEWEDY ELECTRIC SAE.
The project is expected to be completed by the end of Q4 2025.

For energy sales, the storage unit will operate under a 10-year Operational Support Agreement with DAPEEP (Administrator of Renewable Energy Sources and Guarantees of Origin).

The National Bank of Greece is taking a leading role in launching energy storage projects, reaffirming its commitment to sustainability and environmental stewardship. These initiatives aim to improve grid management, enhance energy security, and promote the further development of renewable energy sources to facilitate Greece’s green transition.

This investment is part of Greece’s National Recovery and Resilience Plan, Greece 2.0, supported by European Union funding through NextGenerationEU. It falls under the pillars of “Green Transition” and “Digital Transformation” within the Greece 2.0 framework.

Elsewedy Electric is an Egyptian-based multinational electrical company dealing in products and services for energy, including wire, cable & accessories, electrical products, engineering & construction, digital solutions, and infrastructure investments.

Source: Tovima.com