Return raises €300 million growth capital from APG for battery storage scale-up

• Pension investor APG, on behalf of pension fund ABP, invests €300 million and takes minority stake in Return.
• This growth capital will further expand Return's large-scale battery platform in Europe.
• The collaboration offers customers greater balance, flexibility and relief from grid congestion.
• Together, APG and Return are strengthening Europe's energy infrastructure and accelerating the path to climate neutrality.

Return announces a long-term partnership with APG, one of the world's largest pension investors with approximately €590 billion in assets under management. APG is investing €300 million in growth capital on behalf of pension fund ABP in exchange for a minority stake, enabling Return to further expand its European energy platform. Prior to this transaction, Return already invested a similar amount in its core business. Return helps better balance energy portfolios, provides greater flexibility and reduces congestion on the grid. The transaction was signed in October 2025 and, subject to regulatory approval, is expected to close by the end of the year.

Responding to the growing need for grid stability

The rapid growth of renewable energy is causing fluctuations in electricity supply and demand across Europe. Return brings parties together through large-scale energy storage and a data-driven platform that provides insight into where energy is available and where capacity is needed. In this way, Return supports a smarter, more stable and better connected energy network.

"The partnership with APG is an important step towards a more connected and resilient European energy system," said Willem-Jan Schutte, founder and CEO of Return. "Together we can transform today's fragmented energy landscape into a system that really works, for customers, society and the climate."

Shared vision of sustainable and systemic growth

APG's investment aligns with ABP's strategy to invest in sustainable infrastructure that contributes to stable, long-term returns as well as Europe's climate goals.

"Large-scale battery storage is essential to reliably integrate renewable energy and offload the full power grid," said Bart Saenen, Senior Investment Director at APG. "Return's integrated platform and long-term vision make it a solid partner for strengthening European grid stability."

Return connects energy customers, technology and data to make the energy system more efficient. The partnership with APG strengthens Return's role as an independent player that brings markets, infrastructures and users closer together.

"The energy transition requires cooperation," says Sjoerd Bazen, Managing Director at Return. "With APG, we create the space to improve performance and add value for markets as well as society."

Scaling up battery storage across Europe

Active in the Netherlands, Germany, Belgium and Spain, Return has 70 MW of operational storage capacity in the Netherlands and another 450 MW under construction, including the Mufasa and Antares sites. With over €2 billion in long-term customer contracts, Return is working toward a pan-European network of around 5 GW by 2030, making renewable energy more reliable and flexible.

In the transaction, Return was advised by Santander CIB (exclusive financial advisor), KPMG (finance & tax), Allen & Overy Shearman (legal), Baringa (market intelligence & commercial advisor) and DNV (technical). APG was advised by Nomura (lead financial advisor), Greenberg Traurig (legal), Timera and Montel (market intelligence & commercial advisor), RINA (technical) and Deloitte (finance & tax).