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Energy storage solutions provider <a href="https://return.energy/?r=0" target="_blank" rel="noopener">Return</a> has raised €300 million (~$348 million) in growth equity from APG, on behalf of its pension fund client ABP, acquiring a minority stake through the transaction. The new capital will accelerate the expansion of Return&#8217;s battery energy storage platform across Europe.
As part of the deal, the two companies have established a long-term strategic partnership designed to provide customers with reliable and flexible energy solutions for portfolio balancing, to manage renewable flows, and to ease grid congestion across Europe. The transaction was signed in October 2025 and, pending regulatory approval, is expected to close by the end of the year.
Return&#8217;s battery energy storage system platform connects storage sites across countries, offering real-time insight where energy is available and needed.
The company currently operates across the Netherlands, Germany, Belgium, and Spain, serving growing customer demand for energy flexibility. It has 70 MW of operational storage capacity in the Netherlands and an additional 450 MW under construction.
&#8220;Grid-scale battery storage is key to reliably integrate renewables and to ease grid congestion,&#8221; said Bart Saenen, Senior Investment Director at APG. &#8220;Return&#8217;s integrated platform, long-term vision on relations, and de-risked pipeline make it a strong partner for building grid resilience across Europe.&#8221;
The company was advised on the transaction by Santander CIB (exclusive financial advisor), KPMG (finance &amp; tax), Allen &amp; Overy and Shearman (legal), Baringa (market intelligence and commercial advisor), and DNV (technical). APG was advised by Nomura (lead financial advisor), Greenberg Traurig (legal), Timera and Montel (market intelligence and commercial advisors), RINA (technical advisor), and Deloitte (finance &amp; tax).
Last year, Return <a href="https://cms.mercomindia.com/energy-transition-platform-return-acquires-stake-in-jp-batterie-projekte/" target="_blank" rel="noopener">acquired</a> a majority stake in J&amp;P Batterie Projekte, an energy storage system developer, through a €50 million (~$56 million) investment and commitment, aimed at expanding Return&#8217;s position in Germany and the European energy storage market.
According to Mercom&#8217;s 1H and Q2 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/1h-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">report</a>, VC funding in the sector totaled $1.7 billion across 36 deals, down 29% compared to the previous year.  Energy Storage Downstream companies received the most VC funding in 1H 2025.
In June, Hybrid Energy Storage Solutions (HESSTec), an energy storage solutions provider, <a href="https://cms.mercomindia.com/hybrid-energy-storage-solutions-raises-14-million-in-funding/" target="_blank" rel="noopener">secured</a> €12 million (~$13.6 million) in a funding round. The funding round saw participation from ABB, SC Net Zero Ventures (managed by Suma Capital), and VERBUND X Ventures, a venture capital unit of Austria&#8217;s energy supplier VERBUND.

Return Raises $348 Million from APG to Scale Energy Storage Capacity

<a href="https://doral-llc.com/" target="_blank" rel="noopener">Doral Renewables</a>, a utility-scale renewable energy project developer, secured a $400 million minority equity investment from Dutch pension APG on behalf of Dutch pension fund ABP. APG said it would provide its pro rata share of corporate credit support and funding for the company’s energy business, amounting to an additional $185 million in capital over time.
Doral Renewables has over 13 GW of solar and storage projects, 1.35 GW of which are under construction, and approximately two additional GW of mature projects are slated to start construction within the next 12 months.
The remaining 10 GW of Doral’s portfolio is comprised of solar, storage, and solar-plus-storage projects across the PJM, MISO, SPP, TVA, ERCOT, NYISO, WECC, and NEISO markets.
“We are thrilled to welcome APG as a partner and now the largest individual shareholder in our company,” said Evan Speece, Chief Financial Officer of Doral Renewables. “APG’s sophistication as an investor and its experience in the U.S. renewable energy market will, together with the strength and support of our existing partners, continue to propel our success. With over 3 GW of projects in the process of being commercialized over the coming few years, we are excited to enter this next phase of growth with APG’s backing.”
Early this year, Doral Renewables <a href="https://cms.mercomindia.com/doral-renewables-secures-debt-financing-solar-project/" target="_blank" rel="noopener">closed</a> a construction debt facility for its Great Bend solar project. The company secured $114 million in financing from the sole lender, HSBC, for the project, which consists of a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility.
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, global VC funding for the solar sector in Q1 2024 came to $406 million in 13 deals, an 81% decline YoY compared to $2.1 billion raised in 18 deals in Q1 2023. Funding declined 68% QoQ compared to the $1.3 billion raised in 19 deals in Q4 2023.

Doral Renewables Secures $400 Million Equity Financing from APG

APG, a Netherlands-based pension asset manager, <a href="https://www.businesswire.com/news/home/20221012005445/en/Quinbrook-and-Primergy-Solar-Partner-with-APG-on-Gemini-Solar-Storage-Project" target="_blank" rel="noopener">agreed</a> to acquire 49% equity ownership in the $1.2 billion 690 MWAC Gemini Solar + Storage project on behalf of its pension fund client ABP from Quinbrook Infrastructure Partners, an investment manager focused exclusively on the new infrastructure needed for the energy transition, and its portfolio company Primergy Solar.
QatarEnergy, a state-owned petroleum company of Qatar, <a href="https://www.qatarenergy.qa/en/MediaCenter/Pages/newsdetails.aspx?ItemId=3729" target="_blank" rel="noopener">signed</a> a purchase agreement with Qatar Electricity and Water Company (QEWC) to acquire QEWC’s 49% interest in Siraj Energy, a solar project developer. Siraj Energy has a 60% interest in Siraj (1) which owns and will operate the Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project, Qatar’s first and largest PV project with a total installed capacity of 800 MW.
IBC SOLAR Energy, a division of German photovoltaics specialist IBC Solar AG, <a href="https://cms.mercomindia.com/ibc-solar-energy-sells-120-mw-of-solar-projects/" target="_blank" rel="noopener">sold</a> two solar projects of 120 MW in Poland to Afcon Renewable Energy, a subsidiary of Afcon Holdings. Afcon Renewable Energy will complete the development of the projects up to the readiness to build stage through development agreements signed with local entrepreneurs. The agreement with Afcon underlines IBC SOLAR’s expansion of business activities in Poland. The company has recently founded a new subsidiary in Poland and expanded its local capacities.
Eolus, a renewable energy developer, <a href="https://cms.mercomindia.com/eolus-sells-a-750-mw-solar-and-battery-storage-project-in-arizona/" target="_blank" rel="noopener">signed</a> an agreement to sell a 750 MW solar and battery storage project in Arizona, US. The project is Eolus’ third to be sold in the United States. The buyer is a United States-based portfolio company backed by a large publicly traded global private equity investment firm. The project is a mid-stage development asset expected to have an initial aggregate capacity of 750 MWac solar photovoltaic generation and battery storage capacity. Commissioning is currently planned for 2025.
TagEnergy, a company focused on developing, financing, construction, and asset management of wind, solar, and storage projects, <a href="https://tag-en.com/50mw-battery-storage-acquisition/" target="_blank" rel="noopener">acquired</a> the 50 MW Pitkevy battery storage project from ILI Group, a clean energy development company focused on energy storage in the UK. The project is located in Scotland and will connect to the grid in 2024. ILI Group is developing over 4 GW of energy storage projects in the UK, with a project pipeline comprising 2.5 GW of Pumped Storage Hydro and 1.9 GW of Battery Storage.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-neoen-completes-battery-storage-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: APG Acquires 49% Stake in Gemini Solar + Storage Project in Las Vegas

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-apg-acquires-49-stake-in-gemini-solar-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
APG, a Netherlands-based pension asset manager, <a href="https://www.businesswire.com/news/home/20221012005445/en/Quinbrook-and-Primergy-Solar-Partner-with-APG-on-Gemini-Solar-Storage-Project" target="_blank" rel="noopener">agreed</a> to acquire 49% equity ownership in the $1.2 billion 690 MWAC Gemini Solar + Storage project on behalf of its pension fund client ABP from Quinbrook Infrastructure Partners, an investment manager focused exclusively on the new infrastructure needed for the energy transition, and its portfolio company Primergy Solar.
QatarEnergy, a state-owned petroleum company of Qatar, <a href="https://www.qatarenergy.qa/en/MediaCenter/Pages/newsdetails.aspx?ItemId=3729" target="_blank" rel="noopener">signed</a> a purchase agreement with Qatar Electricity and Water Company (QEWC) to acquire QEWC’s 49% interest in Siraj Energy, a solar project developer. Siraj Energy has a 60% interest in Siraj (1) which owns and will operate the Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project, Qatar’s first and largest PV project with a total installed capacity of 800 MW.
IBC SOLAR Energy, a division of German photovoltaics specialist IBC Solar AG, <a href="https://mercomcapital.com/ibc-solar-energy-sells-120-mw-of-solar-projects/" target="_blank" rel="noopener">sold</a> two solar projects of 120 MW in Poland to Afcon Renewable Energy, a subsidiary of Afcon Holdings. Afcon Renewable Energy will complete the development of the projects up to the readiness to build stage through development agreements signed with local entrepreneurs. The agreement with Afcon underlines IBC SOLAR’s expansion of business activities in Poland. The company has recently founded a new subsidiary in Poland and expanded its local capacities.
Eolus, a renewable energy developer, <a href="https://mercomcapital.com/eolus-sells-a-750-mw-solar-and-battery-storage-project-in-arizona/" target="_blank" rel="noopener">signed</a> an agreement to sell a 750 MW solar and battery storage project in Arizona, US. The project is Eolus’ third to be sold in the United States. The buyer is a United States-based portfolio company backed by a large publicly traded global private equity investment firm. The project is a mid-stage development asset expected to have an initial aggregate capacity of 750 MWac solar photovoltaic generation and battery storage capacity. Commissioning is currently planned for 2025.
TagEnergy, a company focused on developing, financing, construction, and asset management of wind, solar, and storage projects, <a href="https://tag-en.com/50mw-battery-storage-acquisition/" target="_blank" rel="noopener">acquired</a> the 50 MW Pitkevy battery storage project from ILI Group, a clean energy development company focused on energy storage in the UK. The project is located in Scotland and will connect to the grid in 2024. ILI Group is developing over 4 GW of energy storage projects in the UK, with a project pipeline comprising 2.5 GW of Pumped Storage Hydro and 1.9 GW of Battery Storage.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s project finance <a href="https://mercomindia.com/project-finance-brief-neoen-completes-battery-storage-project/" target="_blank" rel="noopener">brief</a>.

Capital Dynamics, an independent global asset manager, has announced capital commitments of $1.2 billion for the closing of its Clean Energy and Infrastructure VII JV LLC fund (&#8220;CEI VII&#8221;).
This is a successor fund to CEI V, which held its final closing earlier this year at $1.2 billion. It has now been fully invested in over 1.5 GW of solar projects in the U.S.
Capital Dynamics manages approximately $4.8 billion for its clean energy infrastructure strategy and is the second largest owner of solar projects in the United States, according to the company.
Dutch asset manager APG, the California State Teachers’ Retirement System (&#8220;CalSTRS&#8221;) and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (&#8220;ADIA&#8221;), the three investors in the CEI V vehicle, are the primary equity participants in CEI VII. The fund will be invested in U.S.-based utility-scale renewable generation assets.
&#8220;With the close of CEI VII, we will continue to execute our proven investment strategy of investing in high-quality renewable energy generation projects,&#8221; said John Breckenridge, head of the Capital Dynamics Clean Energy Infrastructure business.
He added, “We greatly appreciate the continued confidence of our major investors and are committed to helping them achieve both their investment and ESG goals. Our highly focused and efficient approach to the sector has led to great success for CEI V and we look forward to continuing to execute our strategy with CEI VII.”
<a href="https://mercomindia.com/global-solar-funding-rises-5-3-billion-first-half-2018/" target="_blank" rel="noopener">Recently</a>, the data released by Mercom Capital Group’s <a href="http://store.mercom.mercomcapital.com/product/q2-2018-solar-funding-and-ma-report/" target="_blank" rel="noopener">Q2 2018 Solar Funding and M&amp;A Report</a> found that the total corporate funding, including venture capital funding, public market, and debt financing rose to $5.3 billion in the first half (1H) of 2018 compared to the $4.6 billion raised in 1H 2017. This correlates to a 15 percent increase year-over-year (YoY).

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