Market RadarBESS & Batterijparken
Giga Storage Secures Financing and Grid Connection for Major BESS Project in Germany
Giga Storage has finalized financing and grid connection for its large-scale "Albatross" battery energy storage system in Germany. This 1.4 GWh project is slated for construction in early 2027 and commissioning in early 2029. A consortium of seven banks is providing €260 million in debt capital for its realization. CATL will be responsible for the engineering, construction, and maintenance.
Giga Storage, a Dutch developer, has successfully closed the financing for its large-scale battery energy storage system (BESS) named 'Albatross'. This project, situated near Neuenkirchen in Lower Saxony, Germany, has secured €260 million ($281 million) in debt capital from a consortium of seven banks. ABN Amro, Hamburg Commercial Bank, ING, Rabobank, Siemens Financial Services (with Siemens Bank as the intermediary), SMBC, and Société Générale are among the lenders taking part.
The 'Albatross' project is designed to have a power output of 350 MW and a capacity of 1.4 GWh, offering a four-hour duration. Construction is scheduled to commence in early 2027, with commissioning anticipated for early 2029. The developer had previously announced in October that the project had achieved 'ready-to-build' status.
Furthermore, a grid connection agreement has been signed with the German transmission system operator (TSO) Amprion. This agreement, finalized on October 14, represents Amprion's inaugural grid connection contract for a large-scale battery storage facility. The system will be directly connected to the 380 kV transmission grid at the Merzen substation.
The storage facility will incorporate 264 battery containers, 96 medium-voltage transformers, and two high-voltage transformers. CATL is set to manage the engineering, construction, and maintenance of the facility, collaborating with several European subcontractors. 'Albatross' marks Giga Storage's first utility-scale storage project in Germany. Alongside its 'Leopard' project in the Netherlands and the 'Green Turtle' project in Belgium, the company currently has storage projects with a combined output of approximately 1.4 GW and a total capacity of 5.6 GWh under construction. This report is based on information from ESS News.
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