White & Case advises bank consortium on financing for Albatross energy storage project

Global law firm White & Case LLP has advised a consortium of leading international lenders, including ABN AMRO, Hamburg Commercial Bank, ING, Rabobank, Siemens Bank, SMBC and Société Générale on a €260 million debt financing package for the construction of the 350MW/1,400MWh Albatross energy storage system (Albatross) near Neuenkirchen in Lower Saxony, Germany.

Albatross is GIGA Storage's first project in Germany and has a power output of 350 MW and a storage capacity of 1,400 MWh. This is comparable to the daily energy consumption of approximately 193,000 German households and will be connected directly to the high-voltage grid of German transmission system operator Amprion, at the adjacent 380 kV Merzen substation.

GIGA Storage currently has approximately 1.4 GW / 5.6 GWh of energy storage capacity under construction across the Netherlands, Belgium and Germany.

The White & Case team which advised on the transaction was led by partner Florian Degenhardt (Hamburg) and local partner Matthias Grigoleit (Hamburg), and included partner Anthony Colegrave (London), local partner Dr. Michael Volks (Hamburg), local partner Petra Iffert (Frankfurt), and associates Dana Masberg, Robert Bente and Sarah Bischoff (all Hamburg), Nicole Krellmann (Berlin), Karen Sievert (Düsseldorf), Celine Ng (London) and transaction lawyer Ioana Marinescu (Hamburg).

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