AMSTERDAM, THE NETHERLANDS
Return has entered a long-term partnership with APG, on behalf of pension fund ABP, one of the world's largest pension investors managing around €590 billion in assets. APG is investing €300 million in new growth equity for a minority stake, providing direct capital to support Return's platform. Prior to this transaction, Return had already invested a similar amount in its core operations. The partnership enables customers to access reliable, flexible energy for portfolio balancing, to manage renewable flows, and to ease grid congestion across Europe. The transaction was signed in October 2025 and, subject to regulatory approval, is expected to close by year-end.
Across Europe, the increasing share of renewables is creating fluctuations in electricity supply and demand. Energy customers need flexibility to balance portfolios and use renewable power more effectively. Return's high-tech battery energy storage system ("BESS") platform connects storage sites across countries, showing real-time insight where energy is available and needed to ease congestion and strengthen the grid.
"Partnering with APG marks an important step toward a more connected and resilient European energy system," said Willem-Jan Schutte, founder and CEO of Return. "Together, we can turn today's fragmented energy landscape into one that truly works for customers, communities and the climate."
"APG's investment aligns with its client's strategy of supporting clean, connected infrastructure that delivers stable, long-term returns while advancing net-zero goals, in the interest of ABP and its participants. Grid-scale battery storage is key to reliably integrate renewables and to ease grid congestion," said Bart Saenen, Senior Investment Director at APG. "Return's integrated platform, long term vision on relations, and de-risked pipeline make it a strong partner for building grid resilience across Europe."
The partnership reinforces Return's role as an independent player in Europe's energy system, connecting stakeholders through data-driven storage. APG's long-term involvement adds financial stability and supports continued system-focused delivery. Together they advance Europe's energy transition by ensuring renewable power is stored and used more efficiently across the system.
"The energy transition requires shared responsibility," added Sjoerd Bazen, Managing Director at Return. "With APG we align interests, improve performance and create opportunities that benefit markets and society."
Return serves customer demand across Europe and is active in the Netherlands, Germany, Belgium and Spain, with 70 MW of operational storage capacity in the Netherlands and another 450 MW currently under construction, including the Mufasa and Antares sites. With over €2 billion in long-term customer contracts, Return is on track to meet future demand with a pan-European storage network of around 5 GW by 2030, supporting flexible, reliable access to clean energy.
Return was advised on the transaction by Santander CIB (exclusive financial advisor), KPMG (finance & tax), Allen & Overy and Shearman (legal), Baringa (market intelligence and commercial advisor), and DNV (technical). APG was advised by Nomura (lead financial advisor), Greenberg Traurig (legal), Timera and Montel (market intelligence and commercial advisors), RINA (technical advisor), and Deloitte (finance & tax).
