GIGA Storage, a developer, investor, and operator of large-scale energy storage projects, has closed a €300 million (~$340 million) project financing package and commenced construction of the 300 MW/1,200 MWh GIGA Leopard Energy Storage project.
GIGA LEOPARD is expected to contribute to balancing the difference between supply and demand on the Dutch electricity grid. The project, located in Delfzijl, the Netherlands, will connect to TenneT’s high-voltage grid via an existing substation and is expected to be commissioned in the second half of 2027.
The funding was arranged as a “club deal” with a group of 8 European lenders. Santander CIB and Clifford Chance advised GIGA Storage, while Norton Rose Fulbright advised the lending group for this funding.
“We are committed to successfully bringing to service Leopard on time for 2027, building on our track record and innovative, scalable approach to delivering large-scale battery storage projects. The construction of this project on the former Aldel aluminum smelter site in Delfzijl marks a new chapter that builds on the area’s rich industrial heritage while paving the way for a sustainable future,” says Kevin Dijkers, CEO of GIGA Storage.
In 2022, Rabobank, through its division Rabo Investments, announced that it had acquired a minority interest in GIGA Storage, aimed at helping the company expand its large-scale energy storage network.
According to Mercom’s Q1 2025 Funding and M&A Report for Energy Storage and Smart Grid, announced Energy Storage project funding increased 142% year over year in 2025.
In May, BW ESS, an energy storage project developer and operator, secured debt financing from Westpac, an Australian bank, and United Overseas Bank (UOB) based in Singapore. According to the agreement, Westpac and UOB will each contribute 50% to the debt facility. While CMS acted as legal advisor to BW ESS, Ashurst was appointed legal advisor to the lenders. Everoze and Baringa acted as technical and market advisors, respectively.
