Return and Benbros Energy sign agreement to develop more than 500 MW in storage projects in Spain
The joint venture between the two companies is one of the most important agreements in the development of storage projects in Spain to date.
Return has acquired a majority stake in Hamburg-based J&P Batterie Projekte GmbH with a €50 mln investment and commitment. The acquisition is the next step in Return’s expansion in the German renewable energy market. With a pipeline of over 4 Gigawatt of storage projects, J&P is well positioned to accelerate energy storage throughout Europe.
Storage is the bottleneck of the energy transition. The challenge presents a new frontier for developers and investors and will contribute to the European Net Zero Emissions by 2050 target. Together, Return and J&P will develop, finance, own and operate a substantial project portfolio, leveraging the experience of Return which currently operates 70 MW (150 MWh) of operational assets and 450 MW (1,700 MWh) of Ready-to-Build projects. The new partnership will solidify Returns leading position in European energy storage.
This partnership expands Return's current position in Munich through its fully owned platform SemperPower. Currently, SemperPower has over 3 Gigawatts of advanced projects under development in Germany spanning multiple (types of) grid operators. The collaboration between the two companies will result in a faster realization of capacity in Germany over the coming years.
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