Faria Renewables Secures Funding from Attica Bank for BESS

Faria Renewables has signed a loan agreement with Attica Bank for the financing of the construction of a Battery Energy Storage System (BESS). The project, with a nominal capacity of 49.9 MW and an energy storage capacity of 134.16 MWh, was selected under the second Competitive Procedure of the Regulatory Authority for Waste, Energy and Water (RAAEY) in February 2024.

The project will be connected to a 150/20 kV high-voltage substation currently under construction. Completion of construction is expected in the third quarter of 2025. This investment, with a total value of 28 million euros, is aligned with the pillars of green transition and energy security, supporting more efficient integration of renewable energy sources (RES) into the national grid and enhancing the flexibility of the power generation system. Energy storage plays a pivotal role in securing a stable supply of energy from renewables to electricity systems. It provides effective solutions for improving grid reliability and power quality while serving as a catalyst for the further expansion of renewable energy.

The project is being implemented under the National Recovery and Resilience Plan “Greece 2.0” with funding from the European Union – NextGenerationEU. It falls under the pillars of “Green Transition” and “Digital Transformation” of the “Greece 2.0” plan.

Thalia Valkouma, Chair and CEO of FARIA Renewables, stated, “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. This project is not just a major investment but rather another key milestone in the green future we are building with consistency and responsibility.”

Christos Iliopoulos, Chief of Asset and Specialized Financing at Attica Bank, stated, “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.

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. Through our expertise and long-standing experience in complex financing structures, we are actively contributing to strengthening the energy system’s flexibility and accelerating the penetration of renewable energy sources.

This investment reflects Attica Bank’s strategic focus on supporting clean energy infrastructure and exemplifies the convergence of technical know-how and financial capacity toward a sustainable, efficient, and resilient energy future for the country.”