Amsterdam-based large-scale energy storage operator GIGA Storage has reached financial close for Albatross, a battery energy storage project near Neuenkirchen in Lower Saxony that the company describes as one of the largest energy storage projects in Germany.

The milestone, announced on 26 October 2026, marks the company's first project on German soil and brings its total capacity under construction to approximately 1.4 GW across three countries.

Seven-Bank Consortium Provides USD 291.3 Million in Debt Financing

A consortium of seven international banks is providing a USD 291.3 million debt financing package for the Albatross project. The lenders are ABN AMRO, Hamburg Commercial Bank, ING, Rabobank, Siemens Financial Services through Siemens Bank, SMBC, and Société Générale. The financial close was finalised on 23 October 2026.

Under the deal, ING acted as financial adviser for the transaction. Clifford Chance provided legal advice to GIGA Storage as borrower's counsel, while White & Case advised the banking consortium as lenders' counsel.

Animesh Ranjan, Chief Investment Officer at GIGA Storage, said the financing demonstrates continued banking appetite for the energy transition across borders. "The financing of this project in Germany shows that banks are keen to continue investing in the energy transition and that this confidence extends beyond national borders," Ranjan said.

He noted that a significant portion of the banking consortium from the company's Green Turtle project in Belgium also joined the Albatross project, alongside newly onboarded lenders.

According to Ranjan, the support of banking partners is essential for developing new large-scale energy storage projects and tackling the challenges of grid congestion across Europe.

Project Specifications and Grid Connection

Albatross will have a power output of 350 MW and a storage capacity of 1.400 MWh, which GIGA Storage says is comparable to the daily energy consumption of approximately 193.000 German households.

The facility will be connected directly to the high-voltage grid of German transmission system operator Amprion at the adjacent 380 kV Merzen substation. The grid connection agreement, described as one of the first of its kind with Amprion for large-scale energy storage, was signed on 14 October 2026.

Dr. Christoph Müller, CEO of Amprion, welcomed the project as evidence that storage is moving from planning into delivery. "Albatross demonstrates that large-scale energy storage is indeed moving from plan to reality," Müller said. "Battery storage can balance generation and consumption and keep the electricity system flexible, efficient, and secure. By the end of 2030, we aim to connect up to 35 GW of customer projects to our grid, including more energy storage."

Prior to financial close, GIGA Storage had finalised all key project conditions, including permits, land contracts, and supplier contracts. CATL is responsible for the engineering, construction, and maintenance of the energy storage project and will work with several European subcontractors.

Construction Timeline

Construction of the Albatross facility will start in early 2027, and the project is expected to become operational in early 2029.

A Growing International Portfolio

With Albatross now financed, GIGA Storage's portfolio of projects under construction spans three countries. Alongside Albatross, the company is building Leopard, a 300 MW project in the Netherlands, and Green Turtle, a 700 MW project in Belgium. Taken together, the company now has approximately 1.4 GW / 5.6 GWh of energy storage capacity under construction across the Netherlands, Belgium, and Germany.

Kevin Dijkers, CEO of GIGA Storage, characterised the German entry as a significant step in the company's expansion. "Albatross is our first major step in Germany and an important milestone in our growth," Dijkers said.

He added that with Leopard coming online next year, the company is on track to have more than 2 GW of operational capacity by 2030 and to become a leading large-scale energy storage company in North-West Europe.

According to Dijkers, every project the company builds is critical infrastructure for an affordable, reliable, and sustainable European energy system.

Ambitions for 2030

The financial close for Albatross marks what the company describes as an important step in its growth and reinforces its ambition to build a leading large-scale energy storage platform in North-West Europe, targeting more than 2 GW of operational capacity by 2030. The company frames the project as a significant step toward realising an affordable, sustainable European energy system.

For Amprion, the grid connection reflects the transmission operator's broader outlook. The system operator aims to connect up to 35 GW of customer projects to its grid by the end of 2030, a target that includes additional energy storage capacity beyond Albatross.

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