Norton Rose Fulbright advises on significant battery storage project

Global law firm Norton Rose Fulbright has advised a syndicate of lenders on financing the ‘Green Turtle’ battery storage project of 700 MW/2800 MWh in Dilsen-Stokkem, Belgium. GIGA Storage BV (GIGA Storage), known for developing utility-scale energy storage infrastructure, has secured the 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, responsible for 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 progresses towards renewable energy, delivering peak shaving, balancing services, and system-wide frequency regulation.

The facility will fund the construction and commissioning of the project, designed to provide high-capacity storage and rapid-response balancing capabilities. The financing reflects market-standard terms for European battery storage, including construction-phase protections, operational performance undertakings, and revenue mechanisms aligned with local regulations. Moreover, the financing comprises a syndicated term loan from international commercial lenders possessing energy transition portfolios and supports a multi-hour utility-scale installation strategically located to strengthen grid stability and renewable integration. It encompasses a revenue framework incorporating 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 from Amsterdam and included partner Nigel Dickinson from London, counsel Marjolein Pichel from Amsterdam, senior associate Tamara Ubink from Amsterdam, associates Willemijn Holm, Jan de Wit, and Luke White-Thomson from Amsterdam and London respectively, consultant Anthony Pallett from London, and trainee Sam Warner from London. Wouter 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.”