Lion Storage, a Dutch utility-scale battery energy storage project developer, announced the financial closure of the 350 MW/1,400 MWh Project Mufasa in the Netherlands. Macquarie Capital, the lead equity investor, alongside infrastructure investor TINC, returning investors, and six banks, will provide the financing.
The battery storage project in Vlissingen in North Sea Port is expected to reach commercial operation in the first half of 2027. Project Mufasa will use 372 Tesla four-hour Megapack 2 XL utility-scale energy storage systems.
The project is expected to be fully funded through 100% non-recourse project financing of more than €350 million (~$367.16 million).
Santander Corporate & Investment Banking served as the exclusive financial advisor, and Greenberg Traurig was the lead legal advisor to Lion Storage in this transaction.
Tesla is providing a comprehensive engineering, procurement, and construction agreement, as well as a long-term service agreement for the project.
“Project Mufasa is a game-changer for battery storage in the Netherlands. As the first of its kind to secure full project financing, it proves that energy storage is not just viable, it’s investable. Says Arno Hendriks, co-founder of Lion Storage. With cutting-edge technology and strong strategic partnerships, we’re driving a smarter, more resilient energy future and setting the bar for what’s next in Europe.” says Jeroen Althoff, co-founder of Lion Storage.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, announced Energy Storage project funding in 2024 increased 53% year-over-year.
Earlier this month, Amp Energy, an energy transition platform provider backed by the Carlyle Group, announced the closing of project financing to construct the first stage of its 250 MW/500 MWh Bungama battery energy storage system (BESS) and 339 MWdc solar project located in South Australia.
