Triodos Renewables Europe Fund finances GIGA Rhino Energy Storage System
GIGA Storage is proud to announce that Triodos Renewables Europe Fund has financed EUR 1.2 million by means of a subordinated loan in Giga Rhino, an utility scale Lithium-ion energy storage system. The project is located on the Wageningen University & Research test center near Lelystad (NL) and its ultimate goal is to increase the share of renewable electricity consumed in the grid.
This subordinated loan to Giga Rhino reflects the fund’s first investment in an electricity storage system. The Giga Rhino battery has an output power of 12 MW and is the most powerful electricity storage project in the Netherlands. A full year of cycles could reduce CO₂ Emissions by 12.5 million Kg and the electricity stored in the battery on a yearly basis can be compared by the electricity consumption of around 5,000 households in the Netherlands. The project is currently being constructed and is expected to be operational in the last quarter of 2020.
Giga Rhino is a subsidiary of Giga Storage B.V. a developer of utility scale battery storage systems located in Ouderkerk aan de Amstel (NL). Lars Rupert, CFO of Giga Storage: “In these challenging times we see this investment as a confirmation of the strength and value of our project. We are happy to conclude that Triodos Renewables Europe Fund, remains its focus on investing for positive change, also in times of global challenges”.
Vincent van Haarlem, fund manager of the Triodos Renewables Europe Fund: “By financing storage capacity projects we take a broader responsibility in the energy transition. Storage capacity services enhance the toolbox of grid operator, and as such increase the ability to manage flows of electricity which will enable connection of more renewable energy projects”.