GIGA Storage's Green Turtle Energy Storage Project in Belgium Secures $514 Million in Financing

en.Wedoany.com Reported - GIGA Storage has announced that it has secured $514.3 million (€450 million) in debt financing for the construction of the Green Turtle energy storage project in Belgium. The project has a planned capacity of 700MW and an energy storage capacity of 2.8GWh. During peak electricity demand periods, the facility can provide enough power to meet the daily needs of approximately 385,000 households. Construction is scheduled to begin in September, and the project is expected to be fully commercially operational by 2028.

The financing was provided by a consortium of ten international banks, including ABN AMRO, asr, Belfius, HCOB, ING, Rabobank, Santander, SMBC, Triodos Bank, and Triodos Investment Management. InfraVia Capital Partners, a shareholder of GIGA Storage, provided the remaining required funds in the form of equity. Before reaching financial close, the project had fulfilled all prerequisites, including obtaining permits, signing land and supplier contracts, and completing grid connection arrangements.

The Green Turtle energy storage system will be built in the Rotem industrial zone in Dilsen-Stokkem, an area near the borders of the Netherlands and Germany. GIGA Storage CEO Kevin Dijkers stated that the project is not just an energy storage facility, but a key infrastructure project to strengthen Belgium's supply security, promote the use of renewable energy, and reduce dependence on imported fossil fuels. The facility will primarily store excess solar and wind energy when supply exceeds demand and feed electricity back into the grid as needed. The project will be directly connected to Elia's 380kV grid via a specially developed substation.

Tesla has been designated as the engineering, procurement, and construction partner for the project. Tesla will provide the energy storage system using its Megablock technology, oversee engineering and construction activities, and manage long-term maintenance. After the facility becomes operational, GIGA Storage will be responsible for system operations, offering its storage capacity to Belgian high-voltage grid operator Elia, as well as other market participants involved in grid balancing and congestion relief.

Animesh Ranjan, Chief Investment Officer of GIGA Storage, expressed gratitude for the trust and support of the banking partners, noting that Green Turtle is one of the largest energy storage projects in Europe, and its financing scale reflects the strength of collaboration and the shared goal of accelerating the energy transition. GIGA Storage has set a target of having over 2GW of energy storage capacity in operation by 2030. For this project, Clifford Chance acted as legal advisor to GIGA Storage, Norton Rose Fulbright advised the bank consortium, and Santander served as financial advisor. In December 2025, GIGA Storage formally signed a battery energy storage tolling agreement with Vattenfall for the Leopard project in the Netherlands.