The financing of the first electricity storage project in Greece by the Egyptian Elsewedy Electric SAE with €18.2 million was announced by the National Bank of Greece.

It is noted that the project, totalling approximately €50 million, which will be implemented by the subsidiary, Energy Bank I, will be financed by:

• Recovery and Resilience Fund: €15.5 million (loan and investment)
• National Bank: €18.2 million (investment and financing); €15.5 million (investment and financing).
• Equity capital: €8.12 million.

The project with an installed capacity of 50 MW/100 MWh, which was selected under the first competitive procedure of RAIA in July 2023, is located in Oinofita. The storage unit will be connected to the high-voltage grid (150KV) through a 33/150 kV MT/HV substation, which will be constructed within the same site as the unit.

ENERGY TRANSITION

Regarding the sale of the energy produced by the storage unit, a 10-year Operational Support Contract will be concluded with the RES and Guarantees of Origin Manager.

According to Elsewedy Electric's management, this move "underlines our commitment to promote Greece's energy transition and strengthen our portfolio in the ever-growing energy storage market.".

THE €55 MILLION ACQUISITION

We recall that the Egyptian company already has a strong presence in the Greek market, following the acquisition of four companies by R.F. Energy in the summer of 2019 for a price of €55 million, of which €41.745 million was financed through a bond from the National Bank of Greece. The companies concern wind farms and a hydroelectric power plant with a total capacity of 63,6 MW.

• Kallisti Energy
• Aeoliki Adenes
• Aeoliki Kyllindria
• Hydroelectricity of Achaia

NEW COMPANIES AND BRANCHES

It is worth mentioning that last September Energy Bank III was established, following Energy Bank I and Energy Bank II, which were created at the end of 2022. Moreover, last summer the Egyptian company proceeded to establish two new branches:

• Elsewedy Electric Power Systems Projects. Its purpose is to design and implement integrated works for industrial projects and energy systems
• Elsewedy Electric for Business Management & Services. The purpose is the design, construction, management, operation and maintenance of power plants with their various resources, distribution networks and connections