APG, on behalf of its pension fund client ABP, is investing €300 million in Return to accelerate the expansion of its battery energy storage platform across Europe. Bart Saenen (Senior Investment Director at APG) explains the strategic importance of this investment.
Published on:
16 October 2025
In brief:
• Return is unique in operating independently at scale, without trading energy itself.
• Its batteries help to resolve temporary imbalance between electricity supply and demand, and alleviate grid congestion.
• Return is currently building the largest battery in the Netherlands and is also active in Germany, Belgium, and Spain.
Return is an independent energy storage provider that develops and builds large scale battery systems, leasing their capacity to energy companies and traders. “Return does not engage in energy trading itself,” Saenen clarifies. “Instead, the batteries’ capacity is leased to energy companies and help match electricity supply with demand. With renewable sources like solar and wind now accounting for over half of electricity generation, storage is essential. These sources are intermittent, so storing surplus energy prevents waste and allows it to be discharged when supply is low.”
Solar generation peaks midday, while electricity demand typically spikes in the early evening. “The deployment of batteries reduces reliance on gas-fired power plants and supports further decarbonization of the energy system.”
Reducing grid congestion and enhancing stability
“In the Netherlands, batteries can operate under time-bound transport rights (TDTR), meaning they don’t always have access to the grid," Saenen continues. "This reduces congestion and frees up capacity for other users.”
Batteries also contribute to grid stability. “Sudden changes in weather—like cloud cover—can sharply reduce solar output, potentially destabilizing the grid. Batteries can respond instantly, discharging previously stored renewable energy to fill the gap.”
Building the largest battery in the Netherlands
Return is currently developing the largest battery in the Netherlands, with a capacity of 350 megawatts. “That’s a significant scale, positioning Return among the country’s leading players,” Saenen notes. The company is also active in Germany, Belgium, and Spain, with plans to expand further across Europe. “What sets Return apart is its independent model. Most battery developers aim to trade energy themselves, including utilities that build their own storage systems.”
Return has a strong pipeline of projects that have secured grid access and applicable permits
Return is now rolling out a ‘virtual battery’ concept. “Instead of contracting capacity in a single battery, clients—such as energy companies—can access a network of battery projects. Return guarantees availability, capacity, and response speed through a sophisticated software platform, which is a key differentiator.”
A strong pipeline and fast execution
With the capital provided by APG on behalf of ABP, Return will be able to swiftly convert its development pipeline into operational projects. The company's project pipeline is another attractive feature for APG. “We want projects to move quickly from development to execution. Return has a strong pipeline of projects that have secured grid access and applicable permits. With APG’s capital injection, they can begin construction without delay.”
One of the challenges Return faces is the cost of grid connections. “In the Netherlands, Dutch grid operator TenneT offers TDTR contracts, which provide discounts on connection costs. However, in neighboring countries, battery connections are even more incentivized through temporary exemptions from transport fees, whereas the Netherlands currently offers a partial discount. Another constraint is that batteries must accept limited grid access during certain times of day.”
Compelling long-term investment
Despite these challenges, Saenen concludes, Return represents a compelling long-term investment in the energy transition. “On behalf of APB, APG is an active investor in the energy transition. Through our network and partnerships, we aim to help Return accelerate the shift to a more sustainable energy system.”