Giga Storage secures financing for 2.8 GWh Belgian BESS, sets construction date

European BESS developer Giga Storage will begin construction on its 700 MW/ 2.8 GWh Green Turtle project in Belgium in September, with commissioning expected in 2028.

The timeline was set following the successful financial close for the project announced on 10 July and completed on 9 July by Giga Storage together with a consortium of 10 international banks. Green Turtle has been in the works for a while, with construction originally expected to start on the project in 2025.

The banks will provide €450 million in foreign equity, and the remaining funding required for the project’s completion will be brought in as equity by InfraVia Capital Partners, the French majority owner of Giga Storage. The banking consortium comprises Rabobank, Santander, SMBC, Triodos Investment Management, ING, ABN AMRO, a.s.r., Belfius, and HCOB.

Green Turtle will be connected to a 380 kV high-voltage grid via a high-voltage station that was purposely configured by Belgian grid operator Elia for the project.

After it has been commissioned, Elia will use Green Turtle’s storage capacity to help balance the national grid. At peak times, the energy storage system can provide electricity that corresponds to the daily consumption of about 385,000 households. The BESS will be operated by Giga Storage.

“Green Turtle is much more than an energy storage project,” said Kevin Dijkers, CEO of Giga Storage. “It is critical infrastructure that strengthens Belgium’s security of supply, enables more renewable energy and reduces dependence on imported fossil fuels.”

The owner-operator’s chief investment officer, Animesh Ranjan, thanked the banking partners and financiers, adding that Giga Storage is actively working to “develop and realize large-scale energy storage projects across Europe.”

The company, which has an office in the Netherlands and in Belgium, is working towards financial completion of the 350 MW/1.4 GWh Project Albatross BESS in Lower Saxony, Germany. The company’s 2025 acquisition of Project Albatross marked its entry into Germany. Across all its markets, it aims to have 2 GW of operational storage capacity by 2030.