Watson Farley & Williams (“WFW”) advised Fotowatio Renewable Ventures (“FRV”) on the sale to ContourGlobal, through two separate transactions, of a battery energy storage system (“BESS”) portfolio developed in common with Zephiros, a Greek developer, with a total capacity of 500 MW / 2,000 MWh, comprising seven standalone BESS projects at an advanced stage of development across multiple regions of Greece.
One of the projects, Taxiarches, a 100 MW/400 MWh ready to build standalone BESS in Thessaly, was one of the first BESS projects awarded priority grid connection through the Greek BESS Auctions for the award of investment and operating aid and is scheduled to enter commercial operation in early 2027.
The second transaction included six projects with a combined BESS capacity of up to 400 MW/1,600 MWh. All projects have obtained environmental and other key permits and participate in the BESS Acceleration Scheme, introduced by a ministerial decree in March 2025, intended to speed up the implementation of around 4.7 GW of standalone merchant BESS projects in Greece.
FRV is one of the first global renewable energy Independent Power Producers (IPPs) to enter the Greek battery storage market, having developed one of the largest portfolios in the country to date. WFW is proud to have supported FRV all the way from the initial inception of the projects until the current advanced stage of development, including their participation in the Greek BESS Auctions and the BESS Acceleration Scheme.
Founded in 2006 in Spain, FRV is a global leader in renewable energy solutions. For over 15 years, the company has advanced beyond traditional energy value chains, delivering innovative utility‑scale projects worldwide. It has now evolved from a pure PV developer into a renewable energy Independent Power Producer (IPP), strengthening its role in the global energy transition.
ContourGlobal, a London‑based Independent Power Producer (IPP) owned by KKR, manages a 5.6+ GW portfolio of renewable and thermal assets across Europe, the Americas, Africa and Asia. The company is actively transitioning toward a predominantly renewable portfolio, targeting net zero by 2040 through clean energy investments, battery storage and long‑term contracted projects.
Zephiros is an independent service provider with 27 years of knowledge and experience in the renewable energy sector, specialising in the development, asset management, operation and maintenance of RES and BESS projects in Greece.
The WFW Athens Energy team that advised FRV was led by Partner Virginia Murray, supported by Senior Associate Anastasios Giannopoulos.
Virginia commented: “We are proud to support a trailblazer like FRV at a pivotal time for Greece’s energy transition. ContourGlobal’s acquisition of FRV’s BESS Projects is proof of their value and the long-term expectations for the market. The country is experiencing sustained growth in renewables and is on track to become a net electricity exporter from 2026, underscoring the strategic relevance of large-scale storage assets. WFW is once again at the vanguard of this key market sector”.
