Aviva Investors has finalized a €150 million investment in the European battery energy storage sector, partnering with Berlin-based developer Terra One Climate Solutions, the companies said on Tuesday.
The deal includes the acquisition of a stake in Terra One by Aviva Investors and the appointment of two representatives to the company’s board. The initial phase of the investment involves €75 million from Aviva and €15 million from Terra One, aimed at supporting the development of approximately 500 megawatts (MW) of battery energy storage systems (BESS) in Germany, expected to become operational by 2028.
The agreement provides for further capital deployment across Terra One’s portfolio of late-stage BESS projects, with a total commitment of up to €150 million.
“We are pleased to have completed this platform investment in Terra One,” said Angenika Kunne, head of infrastructure equity at Aviva Investors. “Energy storage in Germany is at a fast-growing and dynamic stage of its development, making it an exciting place to invest while capturing growth and returns.”
Germany has been ramping up efforts to expand energy storage capacity as part of its broader transition toward renewable energy and grid stability. Financial terms beyond the total investment figure were not disclosed.
