ABP into Return BESS
ABP's investment arm APG has injected €300m growth equity to acquire a minority stake in Amsterdam-based developer Return Energy.
The transaction has been signed and the deal is expected to fully close by year-end.
Return is active in the Netherlands, Germany, Belgium and Spain and has 70MW of operational storage capacity in the Netherlands alongside 450MW currently under construction, including the Mufasa and Antares sites which were project financed earlier this year.
The €85m 100MW/200MWh Antares BESS in Waddinxveen was financed in April with a debt package led by ING and including investments from Meewind and Nationaal Groenfonds. The project will be connected to TenneT's national grid in 2026 and will get its revenues from multiple capacity offtakes with the grid operator, traders and renewable power providers including Vattenfall. Dutch contractors Alfen and SPIE Nederland will be technical partners.
Antares was the second-largest BESS in the Netherlands, coming behind Return's 364MW/1.46GWh Mufasa BESS project under construction by subsidiary Lion Storage. The €500m Mufasa scheme was project-financed in February with €350m of non-recourse debt from Santander, ING, Rabobank, ABN AMRO, Triodos and ASR.
