APG announces €300m growth equity investment in energy storage provider Return

APG, the investment manager investing among others for public sector pension fund APB, has announced a €300m investment in Return – a battery energy storage company. The investment is a growth equity allocation as a result of which APG, on behalf of Dutch pension fund ABP, will now acquire a minority stake in the company.

Return builds and operates BESS assets across Netherlands, Belgium, Germany and Spain. Its latest project, a 100MW BESS facility in the Dutch town of Waddinxveen, is currently under construction.

“Return’s integrated platform, long term vision on relations, and de-risked pipeline make it a strong partner for building grid resilience across Europe”, said Bart Saenen, senior investment director at APG.

APG’s investment is aimed at scaling up the company’s project pipeline across Europe.

“Partnering with APG marks an important step toward a more connected and resilient European energy system,” said Willem-Jan Schutte, Return’s founder and chief executive.

ABP, a pension fund with an investment portfolio of €520bn, has a history of backing  climate solutions.

By the end of the decade, ABP plans to invest around €30bn in climate solutions. Of this, €250m is aimed at early-stage companies that are looking to scale up their offering.

“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”, notes APG’s Saenen.

The transaction, which is pending regulatory approval, is expected to close by the end of the year.