Aviva Investors, the global asset management arm of Aviva plc, has completed a significant investment in the European battery energy storage systems (BESS) market through a partnership with Terra One Climate Solutions (“Terra One”), a vertically integrated battery storage developer and operator based in Germany. The deal is valued at up to €150 million.

As part of the agreement, Aviva Investors will acquire an initial stake in Terra One and two seats on the company’s board. The initial commitment of €75 million from Aviva Investors will be complemented by an additional €15 million from Terra One to fund the construction of approximately 500 MW of BESS assets in Germany.

These assets are expected to be operational by 2028, with the potential for Aviva Investors to further increase its investment. The total agreement represents a €150 million commitment to support Terra One’s advanced-stage development portfolio.

Angenika Kunne, Infrastructure Equity Director at Aviva Investors, commented that they "are pleased to complete this investment in Terra One, a company that has benefited from first-mover advantages in one of Europe’s largest energy markets. Energy storage in Germany is experiencing rapid growth and dynamism, making it an attractive investment while capturing both growth and returns. This is another example of how Aviva Investors invests in new technologies that can help entire industries prepare for the future.

This investment fits perfectly within our broader Climate Transition strategy, increasing our exposure to a key energy market. Direct investment in Terra One also provides diversification and exposure across its full asset portfolio. We look forward to working with the Terra One team and supporting their continued early success."