GIGA Storage closes €450m financing for 700MW Belgian battery project

GIGA Storage has reached financial close on €450 million (£383m $514m) of debt financing for its 700MW/2.8GWh Green Turtle battery storage project in Dilsen-Stokkem, Belgium.

A consortium of ten banks is providing the debt.

Lenders:

• ABN AMRO
• ING
• Rabobank
• Triodos Bank
• Triodos Investment Management
• a.s.r.
• Belfius
• HCOB
• Santander
• SMBC

Total investment is around €700 million, with the balance of roughly €250 million coming from shareholders, according to Belgian broadcaster VRT.

Equity comes from shareholders led by InfraVia Capital Partners, GIGA Storage’s majority owner since 2024.

Construction at the Rotem industrial estate in Limburg starts in September 2026, with the facility expected to be operational in 2028.

Tesla will engineer, build and maintain the project using its Megablock technology, under a full EPC contract agreed in June 2026.

The batteries will connect to grid operator Elia’s 380kV network via a new substation and can cover the daily consumption of about 385,000 households when supplying at peak power.

Green Turtle was permitted at 600MW/2.4GWh and has been upsized to 700MW/2.8GWh, making it Belgium’s largest battery project to date.

Advisers:

• Clifford Chance — legal to GIGA Storage
• Norton Rose Fulbright — legal to the lending consortium
• Santander — financial to GIGA Storage