Terra One receives €150 million financing from Aviva Investors for expansion of battery storage

Terra One, one of Europe's leading developers of large-scale battery storage systems, has secured a €150 million mezzanine financing from Aviva Investors.

The funds, combined with equity and project financing, will enable Terra One to invest a total of up to €750 million in new storage facilities. This will enable the company to build a total capacity of approximately 3 GWh. This is enough to supply the electricity needs of approximately 20% of all German households* for one hour.

"This financing is a milestone for Terra One and for the energy transition in Europe," says Tony Schumacher, Founder and MD of Terra One.

"With Aviva Investors on our side, we can massively accelerate the expansion of large-scale battery storage. In doing so, we are making a decisive contribution to security of supply and making Europe's energy system more independent and resilient. At the same time, the hybrid financing structure gives us the necessary flexibility and scale to establish Terra One as one of the leading independent storage developers in Europe."

"Energy storage is the backbone of a climate-neutral future," adds Adam Irwin, Director of Infrastructure Equity at Aviva Investors. "We are investing in Terra One because the company has proven its ability to implement projects quickly, reliably, and with the highest quality. Together, we aim to take the European storage market to the next level, and thus, accelerate the transformation of Europe's energy systems."

As the energy transition progresses, market volatility and the strain on electricity grids are increasing. Battery storage is therefore crucial for the integration of renewable energies, the stabilization of grids, and the strengthening of European energy independence.

Terra One combines project expertise, innovative financing structures, and an AI-based trading platform. This makes the company a leading partner for grid operators, banks, and investors in the dynamically growing storage market. Elgar Middleton acted as financial advisor and Hogan Lovells acted as legal advisor to Terra One in the financing.