Aviva Investors has completed a €150m investment in the European market for battery energy storage systems.
The investment through Berlin-based BESS operator and developer Terra One Climate Solutions will see Aviva acquire a shareholding in the latter as well as two seats on the company’s board.
An initial €75m investment from Aviva and €15m from Terra One will help finance around 500MW of BESS assets in Germany, which are expected to become operational in 2028.
The deal allows for a total investment of €150m in Terra One’s pipeline of later-stage development assets.
Aviva Investors head of infrastructure equity Angenika Kunne said: “We are pleased to have completed this platform investment in Terra One. 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.”