Dutch owner-operator Giga Storage has reached financial close on a €450 million ($512 million) debt package for its 700 MW / 2,800 MWh Green Turtle battery energy storage system in Dilsen-Stokkem, Belgium, the company confirmed. It is the largest euro-denominated financing of a battery storage project to date and will put one of Europe's biggest BESS sites in operation by 2028.
Ten Banks Underwrite The Deal
The senior debt facility was arranged by a consortium of ten banks including ABN AMRO, ING, Rabobank, Triodos Bank, Triodos Investment Management, Belfius, Hamburg Commercial Bank, Santander, SMBC Group and asr. InfraVia Capital Partners, the French infrastructure investor that acquired Giga Storage in 2024, is providing the equity. Construction begins in September at the Rotem industrial estate, which sits at a direct interconnection to Belgian TSO Elia's 380 kV grid at the tri-junction with the Netherlands and Germany.
Tesla Megapack Delivers The System
Tesla is providing the Megapack battery systems along with engineering, procurement and construction services, a deal first flagged at Intersolar Europe last month. The site will store more than 2.8 GWh — enough to time-shift industrial loads and provide balancing capacity into Belgium's capacity market.
Critical Infrastructure For The EU
Giga Storage CEO Kevin Dijkers called Green Turtle "critical infrastructure that strengthens Belgium's security of supply, enables more renewable energy, and reduces dependence on imported fossil fuels." The deal lands as the EU flags a 200 GW storage buildout by 2030 in a leaked Electrification Action Plan, and as grid-scale BESS deals like Firmus/Gunvor's 600 MW Australian PPA and Grenergy's 3.5 GWh Elena project in Chile multiply worldwide.
Broader Portfolio
Giga Storage is already building a 1.2 GWh standalone BESS in the Netherlands and a 1.4 GWh project in Germany, giving it more than 5 GWh of pipeline across three markets. The company entered Belgium first because of its cleaner grid-fee regime and capacity market — but with Green Turtle now financed, the same playbook is likely to accelerate in the Dutch and German portfolio behind it.
Reporting based on coverage from Energy-Storage.News, Power-Technology, ESS News and Renewable Watch.