Vopak acquires majority stake in GES and takes FID on 200 MW / 800 Mwh BESS project

Royal Vopak has completed the acquisition of a majority stake in Green Energy Storage (GES) and has taken a final investment decision (FID) on the 200 MW / 800 MWh Sequoia BESS project in Oosterhout, the Netherlands. Vopak’s total investment in the GES acquisition and the 200 MW / 800 MWh project amounts to around EUR 230 million. 

Voltiq acted as sole financial advisor to GES in this transaction, with activities comprising M&A, capital raising, commercial contract bankability structuring including the EPC and tolling contracts, and transaction process management.

This investment is part of Vopak’s strategy to invest in energy transition infrastructure, in line with its disciplined approach to capital allocation and return requirements of the portfolio. Commercially, it combines stable contracted revenues alongside exposure to market upside

The Oosterhout project has a capacity of 200/800 MWh (4 hours) and is among the largest BESS projects currently under development in the Netherlands. Connected to the high voltage grid, the project is designed to help balance the Dutch electricity grid and reduce grid congestion. Greenchoice will be the offtaker for 50% of the capacity based on an 8 year tolling agreement. Construction will start shortly and the commercial operations are expected to start in the first half of 2028.

As of 1 July 2026, Vopak holds a 79% controlling stake in GES and has agreed terms to acquire the remaining 21% of the shares within two years after closing. Therefore, GES will be fully consolidated on Vopak’s financial accounts from 1 July 2026 onwards.
 

Please find the press release by GES here.

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