Amsterdam-based Return has secured €835 million in portfolio financing underwritten by Deutsche Bank and Rabobank to expand its battery storage business in Germany. The company aims to install at least 1 GW of battery capacity in the country annually from 2027.
The financing framework initially covers three German projects with a combined capacity of 117 MW. Return plans to invest between €750 million and €1.2 billion a year in German battery storage projects from 2027, depending on market conditions.
The company said the arrangement links financing for physical battery infrastructure with its virtual flexibility services. Its Virtual Flexibility Portfolio combines capacity from multiple battery facilities into a single portfolio, allowing energy companies to access storage flexibility without managing each asset individually.
Return’s German expansion follows a €300 million growth-equity investment in 2025. The company also has an active development portfolio exceeding 8 GW and aims to deliver more than 5 GW of battery storage capacity by 2030.
Founded in 2021, Return is headquartered in Amsterdam and operates in the Netherlands, Belgium, Germany and Spain. It develops, owns and operates large-scale battery storage infrastructure and works with energy companies including Vattenfall, Essent and Eneco. In Germany, ENGIE has expanded its partnership with Return to 400 MW of contracted battery flexibility, while Centrica Energy has signed a separate agreement covering 100 MW.
Sources: EU-Startups.