The European Bank for Reconstruction and Development (EBRD) is strengthening grid stability and energy security in central Europe by lending €70 million to Slovenia based energy storage company NGEN Energetske Rešitve. The Bank’s investment will finance the construction and operation of five large scale battery energy storage systems (BESS) across Latvia, Poland, Romania and Slovenia. The BESS will be supplied by Tesla, a US based manufacturer of battery storage technology, providing a proven and widely deployed technology for large scale applications.
The systems will deliver a total of 302 MW of stored energy capacity, strengthening electricity grid stability in four European Union (EU) member states. They will operate under a merchant model, selling the generated energy directly into the wholesale market.
BESS technology reduces the risk of blackouts and supports the integration of growing volumes of renewable energy into electricity grids. Increasing BESS availability within national energy systems is critical for the development of more flexible and resilient power systems.
The project includes one battery system in Latvia, two in Poland, one in Romania and one in Slovenia. The facilities in Latvia and Slovenia will be among the largest standalone utility scale battery installations in their respective markets, where large scale energy storage remains underdeveloped.
Alongside financing, the EBRD is supporting NGEN in strengthening its cybersecurity resilience through dedicated technical cooperation, helping the company implement industry aligned standards, carry out penetration testing of industrial systems and deploy advanced cyber-risk mitigation solutions. This support is expected to enhance operational reliability, reduce exposure to cyber threats and align NGEN’s digital infrastructure with international best practice.
The project also promotes greater gender inclusion in the energy sector. NGEN has committed to increase the share of women in its workforce to 27 per cent from 22 per cent over the next five years, supported by targeted outreach and visibility initiatives showcasing female professionals.
The transaction benefits from a first loss guarantee and technical assistance from the EU under its InvestEU Fund and Advisory Hub.
NGEN is a vertically integrated energy storage company that develops and operates BESS assets, provides engineering, procurement and construction services for large scale BESS, and supplies residential, commercial and industrial battery systems. The company uses battery systems supplied by Tesla across its portfolio.
The EBRD is a leading implementing partner for the EU’s InvestEU programme, which supports sustainable investment, innovation and job creation in the region. It aims to trigger more than €372 billion in additional investment in 2021-27. Between 2022 and 2027, InvestEU guarantees worth €777 million will be leveraged by the EBRD to finance investments of up to €3.8 billion in eligible sectors.
