Global law firm, Norton Rose Fulbright, has advised a syndicate of lenders on the financing of the ‘Green Turtle’ battery storage project of 700 MW/2800 MWh in Dilsen-Stokkem, Belgium.
GIGA Storage BV, a developer of utility scale energy storage infrastructure, has secured syndicated financing to support the construction and operation of its battery energy storage system (BESS) Green Turtle. Tesla has been selected by GIGA Storage as EPC partner, in charge of supplying the battery containers, engineering, construction, and long-term maintenance of the project. Once operational, the project will enhance grid stability and flexibility as Belgium advances its transition to renewable energy, delivering peak shaving, balancing services and system-wide frequency regulation.
The facility will fund the construction and commissioning of the project, which is designed to provide high-capacity storage and rapid-response balancing capabilities. It reflects market-standard terms for European battery storage, including construction-phase protections, operational performance undertakings and revenue mechanisms aligned with local regulations.
The financing comprises a syndicated term loan from international commercial lenders with energy transition portfolios and supports a multi-hour utility scale installation strategically located to strengthen grid stability and renewable integration. It includes a revenue framework combining capacity market opportunities, ancillary services and merchant exposure, alongside a comprehensive security and documentation package typical for infrastructure scale projects.
The cross-border Norton Rose Fulbright team was led by Banking and Finance Partner, Wouter Hertzberger (Amsterdam), and included Partner, Nigel Dickinson (London), Counsel, Marjolein Pichel (Amsterdam), Senior Associate, Tamara Ubink (Amsterdam), Associates, Willemijn Holm (Amsterdam), Jan de Wit (Amsterdam), and Luke White-Thomson (London), Consultant, Anthony Pallett (London), and Trainee, Sam Warner (London).
Hertzberger commented: “This transaction highlights the continued growth of battery energy storage as a key component of Europe’s energy transition. It also demonstrates the increasing sophistication of revenue and risk allocation structures in this sector and the strong appetite from lenders to support high-quality energy transition assets.”
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