GIGA Storage has secured $514.3m (€450m) in debt financing to construct its Green Turtle project in Belgium, which will feature 700MW of capacity and 2.8GW-hours of energy storage.
At peak times, the facility will be able to supply enough electricity to meet the daily needs of around 385,000 households.
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Construction is scheduled to commence in September, with plans for the facility to be fully operational in 2028.
The financing is being provided by a consortium of ten international banks: ABN AMRO, asr, Belfius, HCOB, ING, Rabobank, Santander, SMBC, Triodos Bank and Triodos Investment Management.
InfraVia Capital Partners, which owns a stake in GIGA Storage, is providing the remaining required funds as equity.
Before reaching financial close, GIGA Storage completed all essential project requirements.
These included securing permits, finalising land contracts, signing supplier contracts and arranging the grid connection.
The Green Turtle energy storage system will be located at the Rotem industrial estate in Dilsen-Stokkem, close to the borders with the Netherlands and Germany.
GIGA Storage CEO Kevin Dijkers said: “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.”
Tesla has been appointed as the engineering, procurement and construction partner for the project.
The company will provide energy storage systems featuring its Megablock technology, oversee engineering and construction activities, and manage long-term maintenance.
Once the facility is commissioned, GIGA Storage will operate the system, making its storage capacity available to Elia, the Belgian high-voltage grid operator, as well as to other market participants involved in managing grid balance and alleviating congestion.
GIGA Storage chief investment officer Animesh Ranjan said: “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.”
Green Turtle will primarily store surplus solar and wind power when supply exceeds demand and feed electricity back into the grid as needed.
The project will be directly connected to Elia’s 380kV grid via a substation developed specifically for this purpose.
GIGA Storage has set a goal of bringing more than 2GW of storage capacity into operation by 2030.
Clifford Chance provided legal counsel to GIGA Storage, while Norton Rose Fulbright advised the banking consortium. Santander served as a financial adviser.
In December 2025, GIGA Storage and Vattenfall formalised a battery energy storage tolling agreement for Project Leopard in the Netherlands.
