Global law firm Clifford Chance has advised Return Storage B.V. (“Return”), an independent European provider of energy storage solutions, on the €400 million financing for Sirius, a 200 MW / 800 MWh battery storage facility in Winschoten, the Netherlands. Sirius is backed by a long-term fixed-price tolling agreement with Vattenfall.
Vattenfall will secure access to the facility’s charging, storage and power delivery capacity. Sirius will connect to TenneT’s substation in Meeden and operate under a Time-Dependent Transmission Rights (TDTR) agreement. Commercial operations are expected to commence in the fourth quarter of 2027 and the project represents a total investment of approximately €180 million.
Financing for Sirius has been secured as part of Return’s wider battery portfolio financing programme, which provides commitments of up to €400 million. The lending group includes ING, NatWest, Deutsche Bank, ABN AMRO and Rabobank. ING Corporate Finance acted as financial adviser to Return, while ING also participated in the financing as a lender. Read more about this transaction here.
The Clifford Chance team was led by Rutger Dekker, Nanette Rutgers and Niels Kuil. The wider team included Hein Tonnaer, Philip Walsh, Jip Bartman, Bogomil Kuvoski, Derek Rademaker, Rachel Robertson, Talia Cullinan, Liesbeth Buiter, Paget Dare Bryan, Nolan Groenland and Johanneke Butijn.
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