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 through a subordinated loan in Giga Rhino, a lithium-ion energy storage system to be connected to the grid. The project is located at Wageningen University & Research’s test center near Lelystad (NL) and has the ultimate goal of increasing the share of renewable electricity in the grid. The financing of the Giga Rhino system is Triodos Renewables Europe Fund’s (see website) first financing in flexibility, one of the three pillars of the fund’s financing strategy.
The Giga Rhino energy storage system has a capacity 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 annually in the battery can be compared to the electricity consumption of about 5,000 households in the Netherlands. The project is currently under construction 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 energy storage systems in Ouderkerk aan de Amstel (NL). Lars Rupert, CFO of Giga Storage: “We see this financing as a confirmation of the strength and value of our project. We are pleased to conclude that Triodos Renewables Europe Fund continues their focus on investing in sustainable projects, even in these difficult times.”
Giga Rhino is a subsidiary of Giga Storage B.V., a developer of energy storage systems in Ouderkerk aan de Amstel (NL). Lars Rupert, CFO of Giga Storage: “We see this financing as a confirmation of the strength and value of our project. We are pleased to conclude that Triodos Renewables Europe Fund continues their focus on investing in sustainable projects, even in these difficult times.”
Vincent van Haarlem, fund manager of the Triodos Renewables Europe Fund, said, “By financing storage capacity projects, we are taking a broader responsibility in the energy transition. Storage capacity services expand the grid operator’s toolbox and increase its ability to balance electricity flows, allowing more renewable energy projects to be connected.”
