Giga Storage, a European operator of large-scale energy storage projects, has closed a €450 million ( US$512 million ) debt financing deal for its Green Turtle project in Belgium.

With a capacity of 700 megawatts and a storage capacity of 2,800 megawatt-hours, Green Turtle will make a significant contribution to a reliable, flexible and sustainable energy system in Europe. At peak capacity, the energy storage system can supply electricity equivalent to the daily consumption of approximately 385,000 households. Construction starts in September, and the project is expected to be operational in 2028.

The banking consortium comprises ABN Amro, ING, Rabobank, Triodos Bank, Triodos Investment Management, ASR, Belfius, HCOB, Santander, and SMBC.

Clifford Chance advised Giga Storage,  while Norton Rose Fulbright represented the lenders. Santander was Giga’s financial adviser.

The remaining portion of the required financing is being contributed as equity by InfraVia Capital Partners. Giga Storage is a portfolio company of InfraVia.

Prior to the financial close, Giga Storage had finalized all key project conditions, including permits, land contracts, supplier contracts, and the grid connection.

Green Turtle is being built at the Rotem industrial estate in Dilsen-Stokkem, Belgium, a strategic location at the junction of the Netherlands, Germany, and Belgium. Tesla was selected as the engineering, procurement and  construction ( EPC ) partner and is supplying the energy storage systems with the latest Megablock technology. It is also responsible for long-term maintenance.

After commissioning, Giga Storage, as the operator of the energy storage system, will make the storage capacity available to Elia, the manager of the Belgian high-voltage grid, and market parties that help balance the electricity grid and reduce grid congestion.

Green Turtle is directly connected to Elia's 380-kilovolt grid via a new high-voltage substation being built by Elia specifically for Green Turtle. The energy storage system primarily stores excess electricity from solar and wind when there is a surplus and feeds it back into the grid when demand exceeds supply.