Dutch energy storage developer Lion Storage, part of Return, announces that project Mufasa—one of the largest battery energy storage systems (BESS) in the Europe—has successfully reached Financial Close.
The project is being backed by Macquarie Capital as lead equity investor alongside listed infrastructure investor TINC and existing Return investors as well as six banks, all of which bring
extensive experience financing energy transition projects.
Set to become operational in H1 2027, the project is being built in Vlissingen in North Sea Port, a key hub for renewable energy in the Netherlands. Replacing a former coal-fired power plant connection to the high voltage grid, this landmark initiative represents a major step forward in supporting the Netherlands’ transition to renewable power, while strengthening its critical energy infrastructure.
Project Mufasa will feature Megapack 2 XL, Tesla’s utility scale energy storage system. The batteries will be able to charge and discharge 1,400 MWh at 350 MW power capacity, several times per day: sufficient to power well over 200,000 households. As the largest BESS in the Netherlands and one of the largest energy storage projects in Europe, it sets a new standard for balancing and securing power grids.
Pioneering financing and market leadership
Mufasa is the largest utility-scale battery storage project in the Netherlands to be fully funded through 100% non-recourse project financing of over EUR 350 million. The closing of Project
Mufasa clearly articulates that both project finance banks and global infrastructure investors are fully supportive of battery storage as part of our future energy infrastructure. All parties came together to support the Netherlands’ transition to renewable energy, while helping to reduce congestion, stabilize the power grid, increase security of supply and curb the rising cost of energy to end users. Uniquely, Mufasa will rely solely on revenues from the various Dutch power markets and the skills and expertise of the project’s leadership team. Santander Corporate & Investment Banking (Santander CIB) acted as the exclusive financial advisor and Greenberg Traurig acted as lead legal advisor to Lion Storage relating to both the debt and equity raise in this transaction.
State-of-the-art technology and strategic partnerships
To be able to deliver best-in class performance against lowest possible cost, project Mufasa is partnering with Tesla to install 372 of its 4-hour Megapack 2 XL BESS system. Tesla is also providing a comprehensive engineering, procurement, and construction agreement and long-term service agreement. The project has partnered with Dutch energy company Eneco. Being the market leader in operating batteries and other flexibility sources and having pioneered revenue index models, Eneco will bring their front runner expertise to optimize Mufasa operations on a day-to-day basis.
“Project Mufasa is a game-changer for battery storage in the Netherlands. As the first of its kind to secure full project financing, it proves that energy storage is not just viable—it’s investable. Says Arno Hendriks, co-founder of Lion Storage. With cutting-edge technology and strong strategic partnerships, we’re driving a smarter, more resilient energy future and setting the bar for what’s next in Europe.” says Jeroen Althoff, co-founder of Lion Storage.
Powering the future: Return’s leadership in Europe’s energy transition
To accelerate the expansion of large-scale battery storage, Lion Storage joined forces with Return last year. With a pipeline of 7 GW in development across the EU, Return is on track to deliver at least 3 GW of energy storage capacity by 2030, ensuring a more reliable and sustainable power grid. Return’s deep involvement in Mufasa underscores its position as a driving force in clean energy—enhancing grid stability, reducing fossil fuel dependence, and supporting Europe’s netzero ambitions.
“At Return, we’re not just building energy storage—we’re shaping the backbone of a cleaner, more resilient power system for Europe.” said Willem-Jan Schutte, CEO of Return. “The demand for reliable, large-scale storage has never been greater, and we’re ready to deliver. For those looking to be part of the energy transition—whether as partners, customers, or investors—Return is where innovation meets impact.”
