Return, an independent energy storage provider, secured €835 million in portfolio financing for its German battery storage expansion. Deutsche Bank and Rabobank underwrote the facility. The funding supports physical battery assets and a virtual flexibility portfolio.
Financing structure
The framework covers three battery storage projects with a combined capacity of 117 MW. Additional projects can join without restarting separate financing processes. Return expects more projects to join the facility through 2027.
Market need
Germany's electricity system increasingly depends on wind and solar power. Energy companies need flexibility to manage supply and demand fluctuations. Return's portfolio gives customers access to flexible capacity through a single interface.
Customer agreements
ENGIE recently expanded its German partnership with Return to 400 MW of contracted battery flexibility. Centrica Energy signed a separate 100 MW agreement. Return also works with Vattenfall, Essent, and Eneco in other European markets.
Return aims to install at least 1 GW of battery storage capacity annually in Germany from 2027 onward. Planned annual investments range from €750 million to €1.2 billion, subject to market conditions. At four-hour batteries and two full cycles per day, the covered projects could discharge enough electricity annually to match the yearly consumption of about 100,000 German households.