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Giga Storage Secures Financing for 700 MW/2800 MWh Energy Storage Project in Belgium

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Giga Storage, the Netherlands-based developer and operator of energy storage projects and a portfolio company of InfraVia Capital Partners, has secured financing for the proposed 700-megawatts power/2,800 megawatt-hours storage Green Turtle project in Belgium, it said on Friday.

The project in Dilsen-Stokkem, Belgium, is expected to operate from 2028, with construction starting in September, according to a company statement. It will store surplus solar and wind power and supply it back to the grid when demand exceeds supply.

The project has secured debt financing of 450 million euros from a consortium of 10 international banks. The financing was closed on July 9. InfraVia Capital Partners will provide the remainder of the required financing in the form of equity.

Giga Storage has already met the project conditions, including permits, land contracts, supplier contracts, and the grid connection, prior to the close of financing, the statement said.

Tesla, the project's engineering, procurement, and construction contractor, is providing the energy storage systems featuring megablock technology, and will also be in charge of long-term maintenance.

Once operational, Giga Storage will share the project's storage capacity with Belgian high-voltage grid manager Elia and other parties that help balance the grid. Green Turtle is directly linked with Elia's 380 kilovolt high-voltage grid.

Last year, Giga Storage had reached financial close for its 300 MW output/1.200 MWh capacity Project Leopard energy storage system in the Netherlands and is now working to secure financial close for Project Albatross, a 350 MW/1.400 MWh energy storage project in Germany.

The company also has other projects in development in the Netherlands, Belgium, and Germany.

Giga Storage is targeting more than 2 gigawatts of operational storage capacity by 2030.

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Commodities

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