EXECUTIVE SUMMARY
Greece is home to Elsewedy Electric’s first European BESS, a 50 MW/100 MWh project energized on September 1, 2026. Awarded through Greece’s first competitive CfD auction for standalone energy storage, the project reached financial close in early 2025.
Company: Elsewedy Electric
Project: BESS Project
Capacity: 50 MW/100 MWh
Location: Greece
Status: Energized
Energization: September 1, 2026
Developer: Elsewedy Energy and EPC
Elsewedy Electric an Egypt-based integrated energy and infrastructure company has energized its 50 MW/100 MWh battery energy storage system (BESS) project in Greece on September 1, 2026. The project is the company’s first BESS project in Europe and marks a milestone in its renewable energy development and investment activities.
The project was developed by Elsewedy Energy and EPC and implemented by Elsewedy Electric Power Systems Projects and BMS. It was awarded through Greece’s first competitive Contract for Difference (CfD) auction for standalone energy storage. Elsewedy Electric said teams and partners across Egypt and Greece contributed to the project.
The project reached financial close in early 2025. Earlier information released around the financial close showed that the project was being developed through Elsewedy Electric’s wholly owned subsidiary, Energy Bank I S.A. The project secured a 10-year CfD through Greece’s first competitive auction for standalone energy storage.
National Bank of Greece disclosed a total financing package of €41.9 million (~ $48.78 million) for the project. This comprised an €18.2 million (~ $21.1 million) project financing loan from National Bank of Greece, a €5.5 million (~ $6.4 million) loan from Greece’s Recovery and Resilience Facility (RRF), a €10 million (~ $11.64 million) RRF subsidy and €8.2 million (~ $9.54 million) in equity from Elsewedy Electric. The bank also said a 10-year Operation Aid Agreement would be signed with DAPEEP.
The September 2026 energization moves the project from its earlier auction and financing milestones into its next stage. Elsewedy Electric identified the 50 MW/100 MWh facility as its first European battery energy storage project.
Elsewedy Electric said BESS projects are widely deployed in regions with high renewable energy penetration to support grid stability. Battery storage can also provide energy arbitrage and balancing ancillary services.
The company said the achievement reflects the work of its teams and partners in Egypt and Greece and strengthens its position in Europe’s growing clean energy market. The energization establishes the Greece project as Elsewedy Electric’s first energized BESS development in Europe.