Greenvolt Group (renewable energy company) has closed a financing agreement with UniCredit totalling USD 253.75 million to support the development of two major battery energy storage system projects in Poland, as the company advances what it describes as some of Europe's largest grid-scale storage installations.

Structure of the Financing Package

The agreement comprises USD 178.09 million in bridge facilities and a USD 75.66 million guarantee facility. The package was arranged by UniCredit and is directed at supporting project costs associated with the Ełk and Turośń BESS projects, both developed by Greenvolt Power, the utility-scale arm of the Greenvolt Group.

The financing covers two projects with a combined capacity of 400 MW and 1.6 GWh, representing one of the largest battery storage deployments in Poland to date.

UniCredit's Lazar Nikolic, Managing Director and Head of Infrastructure and Export Finance for Central and Eastern Europe, described the deal as a customised USD 253.75 million financing package that includes both a bridge facility and a guarantee facility, and noted that the transaction also involves KKR alongside Greenvolt.

Project Details and Operational Status

The two facilities are located in northeastern Poland and are sized at 200 MW and 800 MWh each. The Turośń Kościelna project was officially inaugurated in July 2026, making it an operational asset at the time of the financing announcement. The Ełk project is expected to reach commercial operation in the fourth quarter of 2026.

Together, the projects are described by Greenvolt as being among the largest battery energy storage systems in Poland. The company says the installations are designed to support greater grid flexibility, renewable energy integration, and energy security in the country.

Executive Commentary

João Manso Neto, CEO of Greenvolt Group, said the financing package reflects the confidence that leading financial institutions place in the company's capabilities and in the quality of the projects it develops. He added that access to strong financing partners is essential to converting the company's pipeline into operational assets that generate long-term value.

Adrian Góralski, Director of M&A and Project Finance at Greenvolt Power, said UniCredit has been a valued financing partner across different Greenvolt projects and markets, and that the agreement builds on that existing relationship.

He also pointed to what he characterised as growing lender confidence in battery storage as a mature and bankable infrastructure asset class, enabling the financing of increasingly large and complex projects.

Nikolic said energy storage is no longer simply an emerging technology but a foundational pillar of Europe's decarbonisation and grid stability efforts. He described developing approximately 400 MW of BESS capacity in Poland as a landmark achievement and said the transaction reinforces UniCredit's strategic commitment to funding critical green infrastructure, both in Poland and across the broader Central and Eastern Europe region.

Broader Relationship Between Greenvolt and UniCredit

The financing agreement extends an existing relationship between the two organisations. Greenvolt said the deal builds on previous financing transactions that have supported the development of utility-scale renewable energy projects across Central and Eastern Europe, including projects in Poland, Romania, and Hungary. UniCredit's Nikolic also framed the deal explicitly as part of an ongoing partnership with Greenvolt across Europe.

Context Within Greenvolt's Recent Activity

The financing announcement comes amid a period of active deal-making for Greenvolt. In late July 2026, the company signed an agreement to sell a solar photovoltaic project in Hungary to PPC Group for USD 74.73 million.

Around the same time, the company strengthened its revolving financing facility to USD 550 million, which it described as focused on its next phase of growth. The Turośń Kościelna facility was inaugurated in July 2026 before the broader financing package for both projects was formally announced in August 2026.

The Ełk and Turośń projects, taken together, represent a significant step in the buildout of grid-scale battery storage infrastructure across Central and Eastern Europe, a market where large-scale BESS deployment has historically lagged behind Western European counterparts.

Greenvolt's positioning of these two facilities as among Poland's largest underscores the scale of the investment relative to the country's current storage landscape.

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