Amsterdam-based energy storage provider Return said it has entered a long-term partnership with pensions administrator APG, on behalf of pension fund ABP, one of the world’s largest pension investors with €590 billion in assets.
APG is investing €300 million in new growth equity for a minority stake in Return, providing direct capital to support Return’s platform.
“Prior to this transaction, Return had already invested a similar amount in its core operations. The partnership enables customers to access reliable, flexible energy for portfolio balancing, to manage renewable flows, and to ease grid congestion across Europe …” said Return.
“Across Europe, the increasing share of renewables is creating fluctuations in electricity supply and demand.
“Energy customers need flexibility to balance portfolios and use renewable power more effectively. Return’s high-tech battery energy storage system (BESS) platform connects storage sites across countries, showing real-time insight where energy is available and needed to ease congestion and strengthen the grid.”
Willem-Jan Schutte, founder and CEO of Return, said: “Partnering with APG marks an important step toward a more connected and resilient European energy system,” said Willem-Jan Schutte, founder and CEO of Return. “Together, we can turn today’s fragmented energy landscape into one that truly works for customers, communities and the climate.”
Bart Saenen, Senior Investment Director at APG, said: “APG’s investment aligns with its client’s strategy of supporting clean, connected infrastructure that delivers stable, long-term returns while advancing net-zero goals, in the interest of ABP and its participants.
“Grid-scale battery storage is key to reliably integrate renewables and to ease grid congestion,” said Bart Saenen, Senior Investment Director at APG. “Return’s integrated platform, long term vision on relations, and de-risked pipeline make it a strong partner for building grid resilience across Europe.”
Return serves customer demand across Europe and is active in the Netherlands, Germany, Belgium and Spain, with 70 MW of operational storage capacity in the Netherlands and another 450 MW currently under construction.