National Bank of Greece S.A. has signed a loan agreement with ELSEWEDY ELECTRIC SAE to finance the construction of a 50 MW/100 MWh battery energy storage system (BESS) in Greece. The project was selected in the first energy storage auction conducted by the Regulatory Authority for Energy, Waste and Water (RAEWW) in July 2023.
Located in Oinofyta, in the Municipality of Tanagra, Viotia, Central Greece, the project will be connected to the country’s high-voltage electricity network at 150 kV through a 33/150 kV medium-voltage/high-voltage substation. The substation will be constructed on the same site as the BESS facility.
The project has a total financing package of €41.9 million. This includes a €5.5 million loan from the Recovery and Resilience Facility (RRF), a €10 million RRF subsidy, and €18.2 million in project financing from National Bank of Greece. ELSEWEDY ELECTRIC will contribute €8.2 million in equity toward the project.
The BESS is expected to be commissioned by the end of Q4 2025. Under the project’s electricity market arrangements, a 10-year Operation Aid Agreement will be signed with the Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP S.A.).
The project is being implemented under Greece’s National Recovery and Resilience Plan, “Greece 2.0,” with funding from the European Union. It is expected to support grid flexibility and electricity security while enabling greater integration of renewable energy into Greece’s power system.
The project represents an important step in the development of utility-scale energy storage in Greece, supporting the country’s broader clean energy transition.
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