KLC Advises on EUR 41 Million Financing for Battery Project
Deal News | Feb 05, 2025 | CEE Legal Matters
KLC has facilitated the financing process for Greece's first-ever battery energy storage system with an impressive capacity of 50-megawatts/100-megawatt-hours. The National Bank of Greece (NBG) plays a pivotal role in the project, which has received total financing of EUR 41 million. The investment is supported by an NBG facility, complemented by co-financing and investment aid under the European Union's Recovery and Resilience Facility (RRF). The battery storage project, spearheaded by Elsewedy Electric SAE, marks a significant step forward following a successful participation in Greece’s inaugural standalone Battery Energy Storage System (BESS) tender. DAPEEP is committed to purchasing the power generated under a decade-long operating agreement. Despite attempts to gather further details, KLC did not provide additional comment.
Sectors
- Energy Storage
- Financial Services
- Legal Services
Geography
- Greece – The article centers on a project in Greece, involving Greek institutions and marking a significant development in the country's energy sector.
Industry
- Energy Storage – The article discusses the financing of Greece's first battery energy storage project, indicating a focus on the energy storage sector.
- Financial Services – The National Bank of Greece's key role in project financing highlights the involvement of the financial services sector.
- Legal Services – KLC's advisory role in the transaction emphasizes the importance of legal services in project financing and development.
Financials
- EUR 41 million – Total financing for the battery storage project including NBG facility and RRF aid.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| KLC | Legal Advisor | Company | KLC is the legal advisor for the financing of the battery storage project. |
| National Bank of Greece | Financing Institution | Company | The National Bank of Greece is providing project financing for the battery storage system. |
| Elsewedy Electric SAE | Sponsor | Company | Elsewedy Electric SAE is the sponsor of the battery storage project. |
| DAPEEP | Power Purchaser | Company | DAPEEP will purchase the power generated by the battery storage system. |