Table of Contents
Key Points
- Elsewedy Electric reaches financial close on Greece’s first large-scale battery energy storage project, signaling its renewable energy expansion in Europe.
- The project has secured financial backing, including grants and loans from Greece and the EU, ensuring its successful development.
- Elsewedy Electric’s expansion into green energy highlights its commitment to sustainable infrastructure.
Elsewedy Electric, a multinational cable and electrical equipment manufacturer led by Egypt’s billionaire El-Sewedy family, is preparing to begin work on Greece’s first large-scale battery energy storage system (BESS). This milestone comes as the company reaches financial close on a groundbreaking 50MW/100MWh BESS project through its subsidiary, Energy Bank I S.A.
The project, the first of its kind in Greece, signals a pivotal moment in Elsewedy Electric’s aggressive expansion strategy within the renewable energy sector, aiming to bolster Greece’s transition to a low-carbon economy. Positioned as a cornerstone for grid stabilization and decarbonization efforts, this initiative is designed to enhance energy reliability while supporting the nation's green energy ambitions.
Key financial backing
The project has garnered financial support, including a 10-year contract for difference (CfD) from Greece’s inaugural competitive auction. It also received a €10 million ($10.4 million) state-aid grant, a €5.5 million ($5.7 million) loan from the EU’s Recovery and Resilience Fund, and a €10 million ($10.4 million) non-recourse loan from the National Bank of Greece.
Elsewedy Electric is committed to advancing Europe’s renewable energy future, with the project scheduled for completion by Q4 2025. It will be integral to enhancing Greece’s energy supply, playing a pivotal role in securing a cleaner, more resilient grid.
“We’re excited to contribute to Greece’s low-carbon future,” said Omar Foda, Corporate Investment Director. “This project reflects Elsewedy’s commitment to sustainable, large-scale energy infrastructure.”
A strategic move in green energy
Elsewedy Electric’s investment in Greece’s first BESS project is part of its strategy to drive innovation in green energy solutions. As the global demand for cleaner energy continues to rise, Elsewedy Electric is positioning itself as a key contributor to energy resilience and sustainability.
“We understand the vital role energy storage plays in securing a sustainable future,” Foda continued. “This project is a significant milestone in our efforts to expand our renewable energy portfolio and set new standards for energy storage across Europe.”
Elsewedy Electric strengthens market leadership
Founded in 1938, Elsewedy Electric remains under the control of the El-Sewedy family. Led by Ahmed El-Sewedy, the family has developed the company into a major player in the electrical equipment manufacturing industry, contributing to key energy projects throughout the Middle East and North Africa.
The company saw a 51.49 percent revenue increase in the nine months leading to September 2024, growing from EGP108.8 billion ($2.15 billion) to EGP164.82 billion ($3.26 billion).
Elsewedy Electric’s renewable initiatives also include a $60 million deal with China’s Kingdom Holdings to revitalize Egypt’s textile industry and a $1 billion partnership with Saudi Electricity Company, further expanding its influence in both renewable energy and industrial development.
