Clifford Chance with Giga Storage on €260 mn debt financing for Albatross project
Clifford Chance has advised Giga Storage, a European operator of large-scale energy storage projects, on the € 260 million debt financing for the construction of its Albatross energy storage project in Germany. A consortium of seven international banks provided the funding.
Project details
Albatross is Giga Storage’s first project in Germany. It will have a power output of 350 MW and a storage capacity of 1,400 MWh. The project will connect directly to the high-voltage grid of German transmission system operator Amprion at the adjacent 380 kV Merzen substation.
Financing structure
The lenders are ABN AMRO, Hamburg Commercial Bank, ING, Rabobank, Siemens Bank, SMBC and Société Générale.
Clifford Chance has previously advised Giga Storage on the financing of its 2.8 GWh Green Turtle energy storage project in Belgium and its 1,200 MWh Giga Leopard battery energy storage project in Delfzijl, the Netherlands.
Clifford Chance team
The cross-border core team included partners Liesbeth Buiter in Amsterdam and Bahar Rahimyar in Düsseldorf. Senior counsel Nanette Rutgers, senior associate Carlijn Tenge and trainee lawyer Daniël van Selst also worked on the deal from Amsterdam.
The team further included partner Mathias Elspaß, of counsel Björn Heinlein, senior associates Marie Georgi, Duy Tuong Huynh, Johanneke Butijn and Louisa Busch, associates Philine Zambon, Philipp Deuster and Dilan Ata, and trainee lawyer Derek Rademaker.
