Europe’s clean energy transition just received a major boost. Return, a leading independent battery energy storage platform operator, has announced a $350.05 million equity investment from Dutch pension investment giant APG. This strategic partnership is set to accelerate the expansion of Return’s battery storage portfolio across Europe, strengthening the continent’s renewable energy backbone. The deal, signed in October 2025, underscores the growing investor confidence in energy storage as the key to balancing renewable grids and achieving net-zero goals.

Return’s partnership with APG marks one of the largest equity investments in the European battery storage sector this year. APG, acting on behalf of ABP — one of the world’s largest pension funds managing over $688 billion — will acquire a minority equity stake in Return. The collaboration aims to scale Return’s Battery Energy Storage System (BESS) platform across major European markets, including the Netherlands, Germany, Belgium, and Spain.

Return already operates 70 MW of active storage capacity in the Netherlands and has an impressive 450 MW under construction at flagship projects such as Mufasa and Antares. With this fresh injection of capital, the company plans to accelerate its roadmap toward achieving an ambitious 5 GW pan-European network by 2030. This network will play a critical role in stabilizing grids and supporting Europe’s growing renewable energy generation capacity.

The $350 million funding will be directed toward new growth equity, fueling the expansion and construction of advanced storage assets. These projects will help ease grid congestion and enhance the reliability of renewable energy portfolios by storing excess energy during low-demand periods and releasing it during peak times.

Return’s robust pipeline is backed by over $2.3 billion in long-term customer contracts, offering both financial stability and long-term visibility. This not only solidifies Return’s position as a trusted player in Europe’s clean energy ecosystem but also highlights how institutional investors like APG are aligning their portfolios with sustainable infrastructure and energy resilience.

A high-caliber advisory consortium supported the transaction. Santander CIB acted as the exclusive financial advisor to Return, while KPMG provided financial and tax expertise. Legal advisory came from Allen & Overy and Shearman, with technical and market insights from DNV and Baringa.

For APG, Nomura led financial advisory, complemented by Greenberg Traurig’s legal guidance. Technical and commercial assessments were delivered by RINA, Timera, and Montel, while Deloitte provided finance and tax advisory services. This collective expertise underscores the deal’s complexity and its strategic importance to Europe’s energy transition landscape.

With APG’s investment, Return is poised to redefine Europe’s energy storage capabilities, paving the way for a cleaner, more resilient power grid. The deal not only reinforces confidence in battery storage as a cornerstone of the renewable future but also sets a precedent for institutional investors eyeing green infrastructure. As Return powers ahead, the future of Europe’s energy stability looks brighter — and more sustainable than ever.

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