Faria Renewables secures financing for 49.9 MW battery project in Greece

Faria Renewables has signed a loan agreement with Attica Bank for the construction of a battery energy storage system (BESS) in Greece. The project is worth EUR 28 million. In addition, Cero Generation passed a milestone toward a 250 MW battery storage investment.

A BESS project selected last year in Greece’s second battery storage auction is now a step closer to materialization, Faria Renewables revealed. The company signed a loan deal with Attica Bank for the construction of the system. It would have 49.9 MW in capability and a capacity of 134.2 MWh.

The investment is worth EUR 28 million, the company added. Its first BESS unit, for which it earlier signed a contract with Huawei, would be connected to a 150/20 kV substation, currently under construction. Construction is expected to be completed before the end of September, the update adds.

BESS project benefitting from EU funds

The project is being implemented under the National Recovery and Resilience Plan Greece 2.0, with funding from the European Union – the NextGenerationEU and its Recovery and Resilience Facility (RRF) segment.

“Our collaboration with Attica Bank for the implementation of this significant energy storage project marks another crucial step in delivering sustainable energy solutions that support the country’s energy transition goals. We share a common vision to contribute to a greener society by designing and carrying out energy solutions that combine expertise, sustainability, and innovation,” Faria Renewables’ Chair and Chief Executive Officer Thalia Valkouma stated.

The renewables and energy storage developer has a portfolio in Greece exceeding 3 GW. It said it is exploring opportunities in new markets in Europe.

One of largest energy storage investments in Greece

According to Attica Bank’s Chief of Asset and Specialized Financing Christos Iliopoulos, the new agreement is for one of the largest investments in the energy storage sector in Greece.

“Attica Bank remains strategically committed to supporting the green transition and energy security of the country by financing projects that enhance the transformation and resilience of the energy system. Our partnership with Faria Renewables for the construction of a storage project is fully aligned with this philosophy,” he said.

The investment will help the integration of renewable sources into the national grid and enhance system flexibility, the announcement reads.

Greece has held a series of three auctions for subsidizing standalone BESS to get the market segment rolling, on the path toward its 2030 target of 4.7 GW.

Cero Generation makes progress toward 250 MW battery storage investment

In other news, Cero Generation Holdings, a subsidiary of Macquarie Asset Management, won an approval from Greece’s Ministry of the Environment and Energy for five BESS stations. Each would have 50 MW in operating power and 153 MWh in effective capacity (or 170 MWh nominally).

Project firms Energy Ventures 6 and Energy Ventures 10, in which Cero Generation holds 85%, received environmental terms (AEPO) for the proposed investment in Pelinnaioi, in the municipality of Farkadona in Trikala, Thessaly.