from TINC (EBR:TINC)
TINC announces a strategic investment in the largest battery storage system in the Netherlands (NL)
TINC announces a strategic investment in the largest battery storage system in the Netherlands (NL)
Antwerp, February 18, 2025, 7:00 CET
TINC, the infrastructure investor listed on Euronext Brussels, announces a € 61 million investment in Project Mufasa, one of the largest battery energy storage systems (BESS) in the EU. The project is realised in the North Sea Port Vlissingen, a key hub for renewable energy in the Netherlands. Replacing a former coal-fired power plant at the grid connection to the high voltage substation of TenneT, this landmark initiative represents a major step forward in supporting the transition to renewable power in the Netherlands by strengthening its critical energy infrastructure.
“We are delighted to be working with Lion Storage and our investment partners Macquarie and existing Return investors on this milestone infrastructure for the Dutch energy transition. This investment aligns perfectly with the ambition of TINC to contribute to the infrastructure for the world of tomorrow whilst creating value for our shareholders. TINC will fund this landmark investment under its € 200 million revolving credit facility” – Stéphanie Dobbelaere, Executive Director TINC.
First utility-scale battery storage system in the Netherlands
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Project Mufasa - one of the largest battery energy storage systems (BESS) in the EU and a development of Dutch energy storage developer Lion Storage - has successfully reached financial close. Set to become operational in H1 2027, the project will be built at North Sea Port Vlissingen, a key hub for renewable energy in the Netherlands. Replacing a former coal-fired power plant at the grid connection to the high voltage substation of TenneT, this landmark initiative represents a major step forward in supporting the Dutch transition to renewable power by strengthening its critical energy infrastructure. The batteries of Project Mufasa will be able to charge and discharge 1,400 MWh at 350 MW power capacity, several times per day. That is sufficient to power well over 200,000 households. As the largest BESS in the Netherlands and one of the top energy storage projects in Europe, it sets a new standard for balancing and securing power grids.
Pioneering financing
Project Mufasa is the largest utility-scale battery storage project in the Netherlands to be fully funded through 100% non-recourse project financing of € 350 million. The closing of Project Mufasa demonstrates that project finance banks and global infrastructure investors are fully supportive of battery storage as part of the future energy infrastructure. The project supports the Netherlands’
TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 1
transition to renewable energy, by helping to reduce congestion, stabilizing the power grid, increasing security of supply and curbing the rising cost of energy to end users. The project has partnered with Dutch Route-to-Market pioneer Eneco, who will be operating Project Mufasa on a day-to-day basis.
An investment of € 61 million for TINC
TINC invests € 61 million in Project Mufasa for a 36,67% preferred equity interest. TINC will fund the investment under its € 200 million revolving credit facility. The FY2024 financial results of TINC will be published on March 12, 2025.
About TINC
TINC is a listed investment company that seeks to create sustainable value by investing in the infrastructure for the world of tomorrow. TINC participates in companies that are active in the realization and operation of infrastructure and holds a diversified portfolio of participations in focus areas such as public infrastructure, energy infrastructure, digital infrastructure and selective real estate in Belgium, France, Ireland and the Netherlands. For more information, please visit www.tincinvest.com.
Contact
Manu Vandenbulcke, CEO TINC
T +32 3 290 21 73 - manu.vandenbulcke@tincinvest.com
Filip Audenaert, CFO TINC
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T +32 3 290 21 73 - filip.audenaert@tincinvest.com
About Return
Return is the leading European independent energy storage provider, committed to revolutionizing the energy sector. Driven by an entrepreneurial team of experts, Return offers innovative, sustainable solutions to store and intelligently manage energy, ensuring power is used efficiently when and where it’s needed most. Headquartered in Amsterdam and with a growing presence across Europe, Return is at the forefront of the energy transition, integrating large-scale battery energy storage systems (BESS) to support grid stability, renewable energy integration, and Europe's net-zero goals. As gamechanger in flexible energy, Return provides reliable energy storage that powers the future of clean energy. For more information: www.return.energy
About Lion Storage
Lion Storage develops pioneering energy storage systems. We focus on the development of innovative utilityscale storage solutions driven by merchant business models, supporting the roll-out of more renewable energy production, and accelerating the energy transition. Project Mufasa is our flagship project and a testimony of our capabilities and vision. For more information: www.lion-storage.nl
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