Elsewedy Electric, an Egyptian multinational company specializing in energy, infrastructure, and digital solutions, has finalized the financial close for a 50MW/100MWh Battery Energy Storage System (BESS) in Greece. The project, undertaken by its subsidiary Energy Bank I S.A., marks the first standalone utility-scale battery storage project in Greece.
This will help stabilize the grid and ensure a more reliable energy supply as the country increases its share of renewable energy.
The project was secured through a 10-year Contract for Difference (CfD), awarded during Greece’s first competitive auction for energy storage. The project also received financial support through a €10 million State-Aid Grant, a €5.5 million loan from the European Union’s Recovery and Resilience Fund (RRF), and a €10 million non-recourse project finance loan arranged by the National Bank of Greece.
Elsewedy Electric is working on other renewable energy projects in Egypt and the region. In Egypt, the company has been involved in the development of the Benban Solar Park, one of the largest solar projects in the world, with a total capacity of 1.8 gigawatts. The park contributes to Egypt’s plan to increase renewable energy in its energy mix.
In addition to its work in Greece and Egypt, Elsewedy Electric has been supporting renewable energy projects across other markets. For instance, it has participated in wind energy projects and provided infrastructure for clean energy initiatives in Africa.
Meanwhile, Greece is advancing other renewable energy projects beyond this BESS initiative. The country has been focusing on wind energy development in the Aegean Sea and expanding its solar energy capacity. Greece has also introduced plans for offshore wind farms to harness its coastal resources for renewable energy generation.
