Giga Storage Secures Financing and Grid Connection for 350 MW Four-Hour Battery Project
Amsterdam – Dutch storage developer Giga Storage has closed a EUR 260 million debt financing for its Albatross large-scale battery project in Lower Saxony. The 350 MW storage system with a capacity of 1,400 MWh is scheduled to start operations in early 2029.
Seven Banks Finance Large-Scale Storage Project – Grid Connection Agreed with Amprion
The financing package for the Albatross project is being provided by seven international banks: ABN AMRO, ING, Rabobank, Hamburg Commercial Bank, Siemens Financial Services through Siemens Bank, SMBC and Société Générale. Financial close was reached on October 23, 2026.
The battery storage system will be built near Neuenkirchen in Lower Saxony. With an output of 350 MW and a storage capacity of 1,400 MWh, the facility can discharge at full output for four hours. Chinese battery manufacturer CATL will handle the design, construction and maintenance of the facility, working with European subcontractors. According to Giga Storage, the required permits as well as land and supply agreements are already in place. Construction is scheduled to begin in early 2027.
The financing was preceded by the signing of the grid connection agreement with transmission system operator Amprion on October 14, 2026. The battery storage system is to be connected directly to the neighbouring 380-kV Merzen substation. According to Giga Storage, the agreement is among the first grid connection agreements Amprion has concluded for large-scale battery storage.
Giga Storage: Three Large-Scale Storage Projects Totalling 1.4 GW in Europe
Albatross is Giga Storage’s first large-scale storage project in Germany. Together with Leopard in the Netherlands (300 MW / 1,200 MWh) and Green Turtle in Belgium (700 MW / 2,800 MWh), the portfolio of these three projects has a combined output of around 1.4 GW. Based on published project data, total storage capacity amounts to 5.4 GWh, according to IWR’s calculation.
In addition, Giga Storage is developing the German storage projects Pelican and Kingfisher together with Isenau Projects, each with an output of 350 MW and a capacity of 1,400 MWh. The company’s target is more than 2 GW of operating storage output by 2030.
German Large-Scale Storage Market: High Connection Demand Meets Limited Capacity
Figures from the Federal Network Agency (Bundesnetzagentur) illustrate the scale of demand for grid connections. In 2025, German transmission and distribution system operators received a total of 18,158 connection requests for battery storage with a combined output of 573.5 GW. In the same year, grid operators issued connection commitments totalling 54.2 GW, including for requests submitted in earlier years. The Bundesnetzagentur notes that project developers sometimes submit several grid connection requests at different locations for a single planned storage project. The high number of requests therefore does not directly indicate the storage output actually planned.
To allocate scarce grid connection capacity, the transmission system operators launched a maturity assessment process for the first time in April 2026. Among other things, it takes into account the status of planning and permitting as well as the technical plant and connection concept.
With financial close and the signed grid connection agreement, Giga Storage has put in place two key prerequisites for building Albatross. While numerous battery storage projects in Germany are still competing for grid connections, Albatross already has its connection to the transmission grid secured by contract.
Source: IWR Online, Oct 10 2026