Return announces second €100M growth equity investment

Return, the Dutch renewable energy project development investor, has announced that they have closed a €100 million investment earmarked for expanding its solar and utility-scale storage pipeline and portfolio.

This strategic initiative focuses on advancing several gigawatts of solar and energy storage capacity development in Europe, through both existing portfolio companies and new investments.

The capital injection reinforces Return’s commitment to supporting renewable energy developers, fostering its unique setup: a network of like-minded entrepreneurs dedicated to accelerating the global energy transition. Following Return’s recent investment in leading utility-scale energy storage developer SemperPower, the group has also invested in Lion Storage, a developer of a 350MW energy storage project in Zeeland, and a pipeline of over 500MW in concrete projects throughout the Netherlands.

Having already been active in Spain and the Netherlands, Return is now officially entering the German and Belgian markets. Following their expansion into Germany and Belgium, the next step will be to extend their presence to the entirety of the European market.

Hartenlust Group assumes the lead investor role with a minority share, reaffirming its confidence in Return, following a previous €100 million investment in Spanish solar developer Ekhi. The new €100 million funding will mainly be focused on project development of energy storage.

As Xeno Grimmelt, Founder and Partner at Hartenlust Group, says: “We are exceptionally pleased with this investment in Return. Our past collaboration with the team of Return has been very positive, and we have great confidence in their capabilities. This investment represents a strategic blend of project development, infrastructure, and energy transition opportunities, aligning perfectly with our vision for sustainable and impactful ventures. We look forward to fostering further success together and contributing to positive advancements in these vital sectors.”

Driving innovation in sustainable development

Notable backers also include reputable Dutch energy transition leaders such as Renard Investments, the family office of Stijn Vos (CEO of Enstall), and the founders of Vandebron.

Stijn Vos says: “As someone active in the daily workings of the energy transition, I am very happy to join Return as an investor. The team’s strong entrepreneurial spirit seamlessly aligns with our commitment to drive innovation in sustainable development. We believe Return holds great promise and we look forward to contributing to the development of more renewable energy assets.”

This strategic investment is pivotal for Return’s plans to expand its presence in Europe and play a central role in shaping the renewable energy landscape across the continent. Return’s platform companies are developing a pipeline of 5GWs energy storage projects in Europe, and 2.5 GWs solar projects in Spain, such as those with Ekhi. A highlight of these projects is a 1.2GW hybrid green hydrogen and solar park in Europe.

As Willem-Jan Schutte, CEO at Return, says: “We are grateful for the trust and support extended by our investors. This second €100 million investment marks a significant milestone for Return, and we are excited about the opportunities this brings. We are fully committed to accelerating the energy transition by developing assets and supporting entrepreneurial teams throughout Europe. With the group of investors now involved in Return we anticipate great achievements together."

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