Terra One, a leading European developer of grid-scale battery storage systems, has secured up to €150 million in mezzanine financing from Aviva Investors. Combined with equity and project-level funding, this new capital will allow Terra One to deploy as much as €750 million into additional storage projects, supporting the creation of a total storage capacity of around 3 GWh. This capacity is equivalent to meeting the electricity demand of around 20% of German households* for one hour. Germany currently has approximately 41 million households (as of 2024/2025).
“This financing is a milestone for Terra One and for the energy transition in Europe,” said Tony Schumacher, founder and CEO of Terra One. “With Aviva Investors at our side, we can accelerate the expansion of large-scale battery storage significantly. In doing so, we are making a decisive contribution to security of supply and making Europe’s energy system more independent and resilient. At the same time, the hybrid financing structure gives us the flexibility and scalability we need to establish Terra One as one of the leading independent storage developers in Europe.”
“Energy storage is the backbone of a carbon-neutral future,” added Adam Irwin, Director Infrastructure Equity at Aviva Investors. “We are investing in Terra One because the company has proven its ability to deliver projects quickly, reliably, and to the highest standards. Together, we aim to take the European storage market to the next level and accelerate the transformation of Europe’s energy systems.”
With the rapid advancement of the energy transition, electricity market volatility and pressure on power grids continue to grow. Large-scale battery storage has become critical to integrating renewable energy, balancing grid operations, and enhancing European energy independence. Terra One combines strong project expertise with innovative financing solutions and an AI-powered trading platform, positioning itself as a key partner for grid operators, financial institutions, and investors in the fast-expanding storage sector. Elgar Middleton served as financial adviser, while Hogan Lovells acted as legal adviser to Terra One.