Faria Secures €28M Loan for Greek Battery Project

• Faria Renewables secures €28M for Thessaloniki battery project, boosting Greece's renewable goals with 49.9-MW storage by 2025.

Faria Renewables SA has secured a €28-million loan from Attica Bank to finance a 49.9-MW/134.2-MWh battery energy storage system near Thessaloniki, Greece. The project, expected to be operational by Q3 2025, will connect to a new substation to store surplus renewable energy and release it during high-demand periods. The facility won a 10-year availability contract in a 2024 auction, ensuring stable cash flow and supporting Greece's goal of 70% renewable energy by 2030.

Founded in 2023, Faria aims to expand across Europe with a 3 GW development pipeline. CEO Maria Papadopoulou highlighted the significance of Greek lenders supporting flexibility infrastructure. Construction will begin soon, managed by a local consortium, while Faria explores additional revenue opportunities post-contract.

How will Faria Renewables' battery project impact Greece's renewable energy goals by 2030?

• Enhances grid stability by storing and releasing renewable energy, reducing reliance on fossil fuels.
• Supports Greece's target of 70% renewable energy by 2030 by integrating more renewables into the grid.
• Provides a model for future battery storage projects, encouraging further investment in renewable infrastructure.
• Contributes to energy security by reducing energy imports and utilizing local renewable resources.
• Promotes economic growth through job creation during construction and operation phases.
• Encourages technological innovation and expertise in battery storage solutions within Greece.
• Aligns with EU energy policies, potentially attracting additional funding and support.
• Demonstrates the viability of large-scale battery projects, paving the way for similar initiatives across Europe.