Triodos Energy Transition Europe Fund has acquired a majority stake in Giga Buffalo, the largest utility scale Lithium-ion energy storage system in the Netherlands. Giga Buffalo is developed by Giga Storage BV. This is the fund’s second investment in an electricity storage system from this developer. Rabobank will also provide financing to the project.
The Giga Buffalo energy storage system has an output power of 25 MW and will be the most powerful electricity storage project in the Netherlands. Utilisation of the battery could reduce up to 11,500 tonnes of CO2 emission per annum. This can be compared to the electricity consumption of around 9,000 households in the Netherlands. The construction phase of this project will start before the end of the year and is expected to be operational after the summer of 2022.
Vincent van Haarlem, Fund Manager of Triodos Energy Transition Europe Fund: “With the financing of Giga Rhino, Triodos Energy Transition Europe Fund financed its first utility-scale battery system 1.5 years ago. The good cooperation with Giga Storage and Rabobank has given us the confidence to take the next step with an investment in Giga Buffalo, the most powerful battery in the Netherlands. With the realization of this battery, Giga Storage is once again achieving an important milestone in the Dutch energy transition.”
Please see the full joint press release (in Dutch) for more information about this new investment.