GIGA Storage Secures €260 Million for 1,400-MWh Battery in Germany

• GIGA Storage closed €260 million of debt from seven banks for its 350-MW / 1,400-MWh Albatross battery in Lower Saxony, Germany.
• Albatross is GIGA's first German project; CATL handles engineering, construction and maintenance, and the site links directly to Amprion's 380-kV grid.
• Construction starts in early 2027, and GIGA Storage expects the battery to begin operating in early 2029.

GIGA Storage closed €260 million ($291 million) of bank debt for Albatross, a 350-MW / 1,400-MWh battery near Neuenkirchen in Lower Saxony, Germany. Financial close came on Oct. 23, the Dutch company said on Oct. 26.

Seven banks provide the project debt: ABN AMRO, Hamburg Commercial Bank, ING, Rabobank, Siemens Bank, SMBC and Société Générale. ING also acted as financial adviser. Much of the bank group behind GIGA's Green Turtle project in Belgium joined this deal too, Chief Investment Officer Animesh Ranjan said. The release names no offtake or tolling contract.

CATL is responsible for engineering, construction and maintenance, working with several European subcontractors. The project page lists 264 lithium iron phosphate (LFP) battery units. The site sits next to Amprion's 380-kV Merzen substation and will connect directly to the transmission grid. GIGA Storage says the grid deal, signed Oct. 14, is one of Amprion's first for large-scale storage.

Germany installed about 3.8 GWh of large-scale battery storage in the first nine months of 2026. That is more than four times the year-earlier volume, according to a BSW-Solar analysis of Bundesnetzagentur data.

The Albatross deal in numbers

• €260 million of debt from seven banks, or about €186 per kWh of storage capacity (list.solar calculation).
• 4 hours of output at full power (list.solar calculation).
• 193,000 German households use as much electricity in a day as Albatross can store, GIGA Storage says.
• 3.8 GWh of large batteries added in Germany in January–September 2026, per BSW-Solar; Albatross equals about 37% of that (list.solar calculation).
• 1.4 GW / 5.6 GWh under construction by GIGA Storage in the Netherlands, Belgium and Germany.
• Up to 35 GW of customer projects, including storage, that Amprion aims to connect by the end of 2030, its CEO said.

Albatross is GIGA Storage's first German project. It follows Leopard, a 300-MW battery in the Netherlands, and Green Turtle, a 700-MW project in Belgium. The company targets more than 2 GW in operation by 2030. Its partner Isenau Projects is co-developing two more German sites of the same size, Pelican and Kingfisher.

"Albatross demonstrates that large-scale energy storage is indeed moving from plan to reality," Amprion Chief Executive Officer Christoph Müller said in GIGA Storage's statement.

Construction is due to start in early 2027. GIGA Storage expects Albatross to begin operating in early 2029; earlier in October, it had planned commissioning for 2028.