Clifford Chance

Clifford Chance advises large-scale energy storage projects developer GIGA Storage and GIGA Leopard on the financing of GIGA Leopard, their 1200Mwh Battery in Delfzijl

Global law firm Clifford Chance has advised large-scale energy storage projects developer GIGA Storage and GIGA Leopard on the €300 million financing of their 1200Mwh Battery in Delfzijl.

GIGA Leopard is a utility-scale project in Delfzijl, the Netherlands, with the capacity to deliver renewable energy to all Dutch households for more than half an hour. The €300 million project financing package has been arranged as a "club deal" with a group of 8 European lenders. GIGA Leopard is expected to be commissioned in H2 2027. Read more about it here.

This transaction follows on from Clifford Chance's role advising GIGA Storage in 2024 on the financing of GIGA Giraffe, and on InfraVia Capital Partners' investment in GIGA Storage through its 5th fund.

Hein Tonnaer, Partner, comments: "The deal is innovative as it involves a battery project which can participate in the Dutch day-ahead and intraday electricity markets. The complexity lies in the coordination of construction and connection to the electricity network, ensuring the battery uses reserve capacity on the transport network to prevent restrictions. Clifford Chance advised on the whole suite of ESS supply and construction documents, the non-firm ATO and the battery offtake route to market contracts as well as the project finance. Project finance structures for BESS projects are relatively new and the multi-disciplinary Energy & Infrastructure team was able to draft, negotiate and lead the documentation process to achieve financial close in line with the expectations of the Project."

This transaction builds on Clifford Chance's market-leading Energy & Infrastructure practice and track-record of advising on the financing of large-scale energy storage projects. The Clifford Chance Energy & Infrastructure team was led by Hein Tonnaer and Liesbeth Buiter, and further consisted of Nanette Rutgers, Carlijn Tenge, Lotte de Bruin, Philip Walsh, Stephanie Proost, Philine Zambon, Mariam Al-Zubaidy, Johanneke Butijn, Niels Kuil, Omid Barzegar, Liselotte Hommels and Dilan Ata (Energy & Infrastructure), Robin Houtveen (Tax), Charlotte Horsten, Esmée Oldenkamp (Notary) and others. Paget Dare Bryan and Stine-Lise Budge advised on the hedge aspects.