Giga Storage closes €260 million debt for 1,400 MWh Albatross BESS in Germany

Serguey Asael Shinder28 October 2026, 09:131 min read

Dutch owner-operator Giga Storage has closed financing for Albatross, a 350 MW/1,400 MWh battery energy storage project near Neuenkirchen in Lower Saxony, Energy-Storage.news reports. The €260 million ($290 million) debt package, announced on 26 October, comes from ABN AMRO, Hamburg Commercial Bank, ING, Rabobank, Siemens Financial Services through Siemens Bank, SMBC and Société Générale.

The site sits close to Germany's North Sea coast, in an area with around 9.2 GW of offshore wind, and connects to the high-voltage grid through transmission operator Amprion's adjacent 380 kV Merzen substation, which has recently been upgraded. The project lies between two existing HVDC lines that carry power to southern demand centres. Before close, Giga finalised permits, land and supplier contracts; CATL is responsible for engineering, construction and maintenance, working with European subcontractors.

Albatross is Giga's first German project. The company began with Giga Rhino, a 7.5 MWh crowdfunded project in the Netherlands, and has since financed the 300 MW/1,200 MWh Giga Leopard in Groningen and started building the 2.8 GWh Green Turtle project in Belgium. Paris-based InfraVia Capital Partners has owned Giga Storage since 2024.

What it means

At four hours, Albatross is built for energy shifting rather than short-burst services, and its location is the point: a large battery where offshore wind lands and where north-to-south transmission is congested can absorb surplus that would otherwise be curtailed. Seven lenders on a merchant-exposed German battery also say something about how bankable the asset class has become.