Elgar Middleton is please to have advised Terra One on the cross-border mezzanine financing to support the build-out of their German battery storage portfolio.

Elgar Middleton is pleased to announce its role as exclusive financial advisor to Terra One on securing up to €150 million in mezzanine financing from Aviva Investors, supporting the build-out of a pipeline of battery energy storage system (BESS) assets across Germany.

The investment will be used to fund asset level equity contributions toward the construction and operation of a large portfolio of grid-scale battery projects, representing a critical step in advancing Europe’s energy transition. The facility structure allows for drawdowns against a broad pool of eligible projects and includes an accordion feature to support future growth.

Importantly, it enables Terra One to build out and wholly own its BESS portfolio without dilution, while retaining full flexibility to maximise trading revenues through the use of its proprietary optimisation software and in-house trading team.

The transaction forms part of a wider capitalisation strategy, enabling Terra One to invest up to €750 million into its BESS platform – with a target of deploying approximately 3 GWh of storage capacity across the continent.