Hamburg Commercial Bank AG (HCOB) is acting as lead arranger for a comprehensive financing package for the construction of the "Green Turtle" battery storage project. This undertaking, realised by GIGA Storage, involves a total volume of 450 million euros. The financing was provided in cooperation with an international banking consortium.
GIGA Storage, a leading European operator of large-scale energy storage projects, operates under the umbrella of InfraVia Capital Partners. Construction of the "Green Turtle" project will begin in September 2026 in the Belgian industrial area of Rotem in Dilsen-Stokkem. This represents one of Europe's largest energy storage facilities.
Project Features and Commissioning
The planned facility is expected to be commissioned in 2028. It is characterised by a capacity of 700 megawatts and a storage capacity of 2,800 megawatt-hours. The project is intended to make a significant contribution to security of supply and support the integration of renewable energies into the European grid. During peak load times, the system is capable of supplying electricity on a scale equivalent to the daily consumption of approximately 385,000 households.
Cesar Bravo, Project Finance Director at HCOB, stated that the bank is supporting GIGA Storage in this transaction, which promotes the expansion of a flexible and sustainable energy supply in Europe. He emphasised that the company, with its large-scale battery storage facilities, strengthens grid stability and drives the decarbonisation of the European energy system. Hans Lötzer, Head of Project Finance at HCOB, added that the financing underscores the bank's commitment to sustainable energy projects and its expertise as a financier of the energy transition.
Significance for the Energy Transition
Kevin Dijkers, CEO of GIGA Storage, classified "Green Turtle" as critical infrastructure that strengthens Belgium's security of supply, promotes the use of renewable energies, and reduces dependence on imported fossil fuels. Animesh Ranjan, Chief Investment Officer at GIGA Storage, thanked the banking partners for their trust. He highlighted that the financing of "Green Turtle" underscores the strength of the partnership and the shared ambition to promote the energy transition. This milestone reflects the financial partners' confidence in GIGA's ability to develop and implement large-scale energy storage projects in Europe.
- —Financing volume: 450 million euros
- —Plant capacity: 700 MW
- —Storage capacity: 2,800 MWh
- —Planned commissioning: 2028
