Institutional investor Swiss Life has acquired a 50% stake in a 68MWh battery storage project in Germany.
The manager, which is investing on behalf of two infrastructure funds, is acquiring the stake in the Smart Power project alongside Zurich-based asset manager B Capital Partners.
The project in Eisenach, Thuringia, will be the largest industrial battery on the German market when construction is completed.
Swiss Life’s investment in holdco BCP Battery Holding also gives it a stake in Smart Power’s wider development-phase storage platform, which will be implemented over the next 12 months.
BCP Battery Holding holds exclusivity rights to build a further 420MWh of battery projects in Germany.
Marc Schürch, Head Renewable Energy at Swiss Life Asset Managers, said: “We are very pleased to be entering this exciting sector and to support its growth. Demand for storage will increase to balance the higher proportion of variable, renewable generation in the electricity system. Batteries will increasingly be chosen to manage this dynamic supply and demand mix.”