Alpha Bank, reaffirming its commitment to supporting the energy transition and the country’s sustainable development, provided financing to KARMET ENERGEIAKI S.A., a joint venture between the Karatzis Group and METLEN, for the construction and operation of a battery energy storage system with a power capacity of 330 MW and storage capacity of 790 MWh in Thessaly. The project is being implemented with the support of the National Recovery and Resilience Plan, “Greece 2.0”.
As the relevant announcement notes, Alpha Bank acted as sole arranger and lender, providing financing of €56 million, alongside an €81 million contribution from the Recovery and Resilience Facility. The remaining €33 million, completing the total financing of €170 million, was covered by the project’s investors.
The facility is now operational and is the largest standalone battery energy storage system in Greece. It represents a significant investment in the country’s energy storage infrastructure and makes a substantial contribution to its energy transition.
The project draws on the investment capacity and expertise of the Karatzis Group and METLEN, together with Alpha Bank’s specialisation in project finance and resources from the Recovery and Resilience Facility
Alpha Bank’s Head of Corporate and Institutional Banking, Nikos Nezeritis, said:
“We are particularly pleased to have contributed to the delivery of this investment in partnership with the Karatzis Group and METLEN, two long-standing and valued partners of Alpha Bank with whom we share a strong commitment to supporting the Greek economy and its sustainable development.
Energy storage is becoming increasingly important as Greece accelerates the integration of renewable energy sources into its electricity system. At Alpha Bank, we are committed to supporting this transition by providing financing and expertise for high-quality green energy investments that strengthen the country’s energy infrastructure and help shape a more sustainable and resilient economy. This project is a clear example of that commitment in action.”