ELSEWEDY ELECTRIC Leads Greece's BESS Revolution with National Bank's Financing
Deal News | Jan 20, 2025 | National Bank of Greece SA
The National Bank of Greece has entered into a loan agreement with ELSEWEDY ELECTRIC SAE for the financing of a pioneering Battery Energy Storage System (BESS) in Greece. The project, awarded via the first auction by the Regulatory Authority for Energy, Waste and Water in 2023, has an impressive 50 MW/100 MWh capacity. It is located in Oinofyta, Central Greece, and represents a significant stride in Greece's renewable energy sector, aided by funds from the Recovery & Resilience Facility and European Union NextGenerationEU. The financing includes a comprehensive €41.9 million package comprised of RRF loans and subsidies, project financing from the bank, and contributions from ELSEWEDY. Set for completion by late 2025, the project aims to bolster grid flexibility and energy security, marking a crucial phase in Greece’s green energy transition.
Sectors
- Renewable Energy
- Financial Services
- Infrastructure
Geography
- Greece – The BESS project is located in Greece, with significant backing from national and European financial initiatives, reflecting the regional investment in energy infrastructure.
- European Union – Funding for the project comes in part from the European Union's Recovery & Resilience Facility and NextGenerationEU, making the EU a key player in the project's financing.
Industry
- Renewable Energy – The article focuses on the development of a Battery Energy Storage System (BESS) project, which plays a crucial role in supporting renewable energy integration and grid flexibility.
- Financial Services – The participation of the National Bank of Greece in financing the BESS project underscores the sector's importance in complex project financing arrangements.
- Infrastructure – The construction of the BESS and related infrastructure, such as substations, is central to the article, highlighting this sector's role in energy projects.
Financials
- 41.9 million – The total financing package for the BESS project includes RRF loans, subsidies, and project financing, as well as contributions from ELSEWEDY ELECTRIC.
- 5.5 million – Amount of RRF loan included in the financing package.
- 10 million – Amount of RRF subsidy included in the financing package.
- 18.2 million – Amount of project financing provided by the National Bank of Greece.
- 8.2 million – Contribution from ELSEWEDY ELECTRIC's own funds.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| National Bank of Greece SA | Private Equity Firm / Financing Entity | Company | The National Bank of Greece is providing project financing to ELSEWEDY ELECTRIC for the Battery Energy Storage System in Greece. |
| ELSEWEDY ELECTRIC SAE | Target Company / Developer | Company | ELSEWEDY ELECTRIC is developing the first BESS project in Greece, integrating substantial financial contributions for its construction and operation. |
| Regulatory Authority for Energy, Waste, and Water (RAEWW) | Regulatory Body | Government | Conducted the auction for the BESS project which ELSEWEDY ELECTRIC won, facilitating regulatory oversight for the energy sector. |
| Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP SA) | Buyer / Operator | Company | Will enter a 10-year Operation Aid agreement with ELSEWEDY ELECTRIC for the sale of the electricity produced by the BESS station. |
| Rediscovery & Resilience Facility (RRF) | Funding Source | Government | Provides financial support through loans and subsidies for the development of the BESS project. |
| European Union NextGenerationEU | Funding Source | Government | A critical funding provider supporting the project as part of broader EU economic and energy initiatives. |