FUNDING FOR THE CONSTRUCTION OF THE GREEN TURTLE ENERGY STORAGE PROJECT HAS BEEN PROVIDED BY A CONSORTIUM OF TEN INTERNATIONAL BANKS
GIGA Storage, the European operator of large-scale energy storage projects, a portfolio company of InfraVia Capital Partners, has secured financing for the realisation of its Green Turtle project in Belgium. With a capacity of 700 MW and a storage capacity of 2,800 MWh, Green Turtle will make a significant contribution to a reliable, flexible and sustainable European energy system. At peak moments, the energy storage system can supply electricity equivalent to the daily consumption of approximately 385,000 households.
A consortium of ten international banks is jointly financing the realization of the project. The banking consortium consists of ABN AMRO, ING, Rabobank, Triodos Bank, Triodos Investment Management, asr, Belfius, HCOB, Santander, and SMBC. Financial close took place on July 9, 2026; construction starts in September, and the project is expected to be operational in 2028.
The banking consortium is providing €450 million in debt financing. The remaining portion of the required financing is being contributed as equity by InfraVia Capital Partners. Prior to 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, at a strategic location at the junction of the Netherlands, Germany, and Belgium. Tesla was selected as the EPC partner and is supplying the energy storage systems with the latest Megablock technology, handling the engineering and construction, and is 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 380kV high-voltage 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. In doing so, Green Turtle contributes to a more stable electricity system and enables the continued use of renewable energy.
With Green Turtle, GIGA Storage is taking a significant next step in its European growth trajectory, following the financial close reached last year for Project Leopard in the Netherlands, an energy storage system with a power output of 300 MW and a capacity of 1.200 MWh. The company is now working towards the financial completion of Project Albatross in Germany, a 350 MW/1.400 MWh energy storage project, and also has more projects under development in the Netherlands, Belgium, and Germany. This marks a new step in GIGA Storage's growth into a leading player in large-scale energy storage in Northwest Europe. The company aims to have more than 2 gigawatts of storage capacity operational by 2030.
GIGA Storage was legally assisted by Clifford Chance. The banking consortium was legally assisted by Norton Rose Fulbright. Santander was the financial advisor.
Kevin Dijkers, CEO of GIGA Storage, says: “Green Turtle is much more than an energy storage project. It is critical infrastructure that strengthens Belgium’s security of supply, enables more renewable energy, and reduces dependence on imported fossil fuels.”
Animesh Ranjan, Chief Investment Officer at GIGA Storage, adds: “We sincerely thank our banking partners for their continued trust and support. The financing of Green Turtle, one of Europe’s largest energy storage projects, demonstrates the strength of our collaboration and our shared ambition to accelerate the energy transition. This milestone reflects the confidence our financiers have in GIGA’s ability to develop and realize large-scale energy storage projects across Europe.”
Responses from our financing partners
Sylvan Jonker, Head of Renewables & Power NL, ING: “At ING, we focus on supporting clients who invest in the energy transition. The collaboration with GIGA Storage and the realization of Green Turtle aligns directly with this. Large-scale energy storage is essential for a reliable and sustainable energy system, and with this project, we are contributing to its further development.”
Jeroen Kiès, Co-Head of Branch, SMBC: “We are proud to have supported GIGA Storage on the groundbreaking Green Turtle project, further strengthening our long-standing relationship. This transaction builds on SMBC’s established track record in the energy storage sector and underscores our commitment to supporting clients in developing the infrastructure needed to enable the energy transition in Europe. Thanks to strong sponsors, a robust financing structure, and market-leading technology, Green Turtle is excellently positioned for sustainable long-term success. We look forward to continuing our partnership with GIGA Storage as they further expand energy storage capacity in Europe.”
Johana Svobodova, Senior Relationship Manager Energy Transition, Triodos Bank: “Triodos has had the privilege of supporting GIGA Storage since their very first projects, and we are proud to guide their growth and international expansion by financing this flagship battery storage project in Belgium. In our view, battery energy storage systems are a crucial driver of the energy transition. They enable the integration of a larger share of renewable generation into the energy mix and are particularly important right now, given the increasing pressure on electricity grids across Europe. By increasing the flexibility and resilience of the grid, this project aligns closely with Triodos Bank’s mission to finance solutions that accelerate a sustainable, low-carbon future. We are delighted with the successful completion of this transaction and look forward to continuing to support GIGA Storage in their growth and increasing impact in the coming years.”
Maria Cristina Rabbi, Investment Manager, Triodos Investment Management: “Triodos Investment Management is proud to have supported GIGA Storage throughout the entire journey, from the first battery storage projects to the current financing of Green Turtle, one of the largest battery energy storage systems in Europe. This transaction reflects the strength of our long-standing partnership and our shared ambition to accelerate the energy transition by investing in innovative energy infrastructure. The Green Turtle project is an excellent example of the scale of battery storage required to support a resilient, flexible, and decarbonized electricity system. As the share of renewable energy increases and electricity grids come under growing pressure, large-scale storage systems will play an increasingly important role in ensuring security of supply and enabling the integration of renewable generation. This financing also demonstrates the value of collaboration within the Triodos Group. By combining the international expertise in project financing and the long-standing sector experience of Triodos Bank with the investment capabilities of Triodos Investment Management, we can support pioneers and trusted partners such as GIGA Storage as they continue to expand their impact across Europe.”
We are pleased to reach this important milestone together with GIGA Storage, Santander and the broader group of lenders, and we look forward to continuing our collaboration in the coming years as GIGA continues working on crucial energy transition infrastructure across Europe.
Mario De Vry, Executive Director Wholesale & Public Banking at Belfius: “For Belfius, the energy transition is not just a necessity; it is an opportunity to take our future into our own hands. With our participation in projects such as GIGA Green Turtle, we demonstrate how we, as a bank, play an active role in the realization of future-oriented solutions. As a proud partner from the very beginning, we are determined to lend our support to the realization of Belgium’s largest energy storage project. Belfius stands ready to assist companies in financing green transition projects – crucial for our country’s competitiveness and energy sovereignty.”
Niels Ackerman, head of Santander CIB in Benelux:"We are proud to have acted as exclusive financial advisor and financier for GIGA Storage in this special transaction. This concerns the largest financing of a battery storage system (BESS) in euros to date. Green Turtle will play a crucial role in the Belgian electricity system by supporting Elia’s strategy to make sufficient grid capacity, stability, and sustainable energy available to end users. The transaction is backed by a broad consortium of leading banks, building on the strength of the platform, scalability, GIGA Storage’s in-depth market knowledge, and the support of InfraVia. At Santander, our mission is to stimulate, finance, and enable the energy transition.
Lisa McDermott, Head of Energy Transition Project Finance, ABN AMRO: “For ABN AMRO, this continued collaboration with GIGA Storage represents an important step in our commitment to the European energy transition. GIGA Storage is a pioneer and leading player in the European energy storage market, and based on mutual trust and a shared long-term vision, we support the further growth of battery storage as a crucial building block for a flexible and future-proof energy system.”
Marc Schmitz, Managing Director, Rabobank: “Rabobank is proud to once again support GIGA Storage on its growth trajectory to realize its ambitious plans in the energy transition. Our relationship began in 2021 with the financing of GIGA’s second battery energy storage system (BESS) in the Netherlands, followed by our involvement as a minority shareholder and our support in the sale of the company to InfraVia.” Schmitz continues: “We are therefore very pleased to now support the financing of what will become the largest standalone BESS project in Belgium. It is primarily their professionalism and entrepreneurship combined with pragmatism that have brought GIGA here.”
