Greek developer secures loan for 134 MWh battery storage project

Greek renewable energy company Faria Renewables is looking to the financial sector for backing to build its planned battery energy storage system (BESS) with a power outout of 49.9 MW and a storage capacity of 134.16 MWh.

Faria has signed a loan agreement with Greek bank Attica Bank to finance the BESS, valued at €28 million ($32.7 million).

Construction is expected to be completed in the third quarter of this year, and the battery will be connected to a 150/20 kV high-voltage substation currently under construction. It was selected under the second competitive procedure of the Regulatory Authority for Waste, Energy and Water (RAAEY) in February 2024.

“The financing of the BESS installation with 49.9 MW of capacity and 134.16 MWh of storage, constitutes one of the largest investments in the energy storage sector in Greece,” said Christos Iliopoulos, Chief of Asset and Specialized Financing at Attica Bank.

Iliopoulos added that the investment is part of the bank’s strategy to support Greece’s green transition and bolster the country’s energy security.

The project is being implemented under the National Recovery and Resilience Plan “Greece 2.0” with funding from the European Union.

Thalia Valkouma, Chair and CEO of Faria Renewables, said the two organizations share a common vision, adding: “This project is not just a major investment, rather another key milestone in the green future we are building with consistency and responsibility.”

Faria Renewables’ portfolio includes renewables projects at various stages of development. The company was established in 2023 by developer Faria Group and the Capenergie 5 fund managed by French private equity firm Omnes Capital.

Faria Renewables aims to establish itself as a leading Greek and pan-European independent power producer (IPP).

Greece’s energy storage market is generally on the rise. In March 2025, the government published the results of the third national auction for standalone BESS, which saw participation from Greek companies such as Hellenic Renewables, Arcadia Storage, Enerkoplan Investment and PPC Renewables, as well as outside interest from the likes of Amber Energy.

Also in March of this year, the government unveiled a new battery storage program targeting 4.7 GW of utility-scale, standalone projects which will be given a priority connection and operated on a merchant basis without subsidy support.