GIGA Storage reaches financial close on financing package

Through the development of BESS projects, GIGA Storage provides scalable, ready-to-deploy technology solutions that support the expansion of renewable energy and play an essential role in increasing the reliability and stability of power systems, thereby accelerating the energy transition.

GIGA Leopard is expected to be commissioned in 2H27. Leopard is a utility scale project in Delfzijl, Groningen, with the capacity to deliver renewable energy to all Dutch households for more than 30 mins. The €300 million project financing package, which attracted strong interest, has been arranged as a ‘club deal’ with a group of eight
European lenders.

The Leopard project is located in Delfzijl, Groningen, close to one of the main offshore wind farm production hubs in the Netherlands. It will be connected to TenneT’s high-voltage grid through an existing substation. GIGA Storage has developed the asset and the financing package for a multi-party commercialisation strategy, working with utilities and energy traders on the offtake and optimisation agreements.

With its ambition to develop utility scale battery projects, GIGA Storage is facilitating further penetration of renewable energy in the system while participating in a more efficient and resilient energy distribution system.

“We are committed to successfully bringing Leopard into service on time for 2027, building on our track record and innovative, scalable approach to delivering large scale battery storage projects. The construction of this project on the former Aldel aluminium smelter site in Delfzijl marks a new chapter that builds on the area’s rich industrial heritage while paving the way for a sustainable future,” said Kevin Dijkers, CEO of GIGA Storage.

“We believe that supporting the development of energy flexibility platforms such as GIGA Storage is critical in enabling the energy transition, building resilient power systems, and ensuring the security of supply across Europe. We look forward to the completion of project Leopard, which will be a significant milestone for the company. We are also actively supporting GIGA Storage in developing a pipe-line of additional utility scale projects in excess of 2 GW in Europe, such as the fully permitted GIGA Green Turtle in Dilsen-Stokkem, Belgium. Strategically positioned at the connection between the Netherlands, Belgium, and Germany, this 700 MW/2.8 GWh project should be the largest in Europe,” added Vincent Menager, Investment Director at InfraVia.

“We are very pleased with the outcome of the debt raising exercise. The financing package attracted significant interest from top-tier lenders, reflecting strong confidence in GIGA’s ability to complete its road map of ambitious utility scale projects,” concluded Pauline Fiastre, Director, Financing, InfraVia.

GIGA Storage was advised by Santander CIB and Clifford Chance, while Norton Rose Fulbright advised the lending group.

 

 

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