The Hague-based Lion Storage, a part of Return specialising in energy storage, announced that its project ‘Mufasa’ has reached a financial close.
The project is being backed by Macquarie Capital as lead equity investor alongside listed infrastructure investor TINC and existing Return investors as well as six banks.
Macquarie Capital is the advisory, capital markets, and principal investment arm of Macquarie Group.
The company’s Infrastructure and Energy Capital team invests Macquarie Group’s balance sheet into infrastructure and energy projects and companies.
“Battery storage is critical to maximising the role of renewables in the energy transition by enabling the delivery of dispatchable clean energy. Macquarie Capital with our flexible balance sheet is proud to be supporting a market index revenue project of this scale and significance for the Netherlands – bringing with us significant experience of investing in and developing BESS projects globally,” says Jeroen Zanders, Managing Director for Macquarie Capital in the Benelux region.
Set to be operational in 2027
Set to become operational in H1 2027, this project in Vlissingen, North Sea Port, will replace a coal-fired power plant’s connection to the high-voltage grid.
“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.
Mufasa will rely solely on revenues from the various Dutch power markets and the skills and expertise of the project’s leadership team.
What is Project Mufasa?
Mufasa is the largest utility-scale battery storage project in the Netherlands to be fully funded through 100% non-recourse project financing of over €350M.
The project will feature Megapack 2 XL, Tesla’s utility-scale energy storage system.
The batteries will be able to charge and discharge 1,400 MWh at 350 MW power capacity, several times per day: sufficient to power well over 200,000 households.
Project Mufasa aims to deliver high performance at a low cost by partnering with Tesla to install 372 units of its 4-hour Megapack 2 XL Battery Energy Storage System (BESS).
Tesla will also handle engineering, procurement, and construction, and provide long-term service.
Additionally, the project has teamed up with Eneco, a Dutch energy company known for its expertise in battery operations. Eneco will help optimise daily operations for Project Mufasa.
Partnership with Amsterdam’s Return
To accelerate the expansion of large-scale battery storage, Lion Storage joined forces with Return last year.
With a pipeline of 7 GW in development across Europe, Return is on track to deliver at least 3 GW of energy storage capacity by 2030, ensuring a more reliable and sustainable power grid.
Based out of Amsterdam, Return is an independent energy storage provider that offers sustainable solutions to store and intelligently manage energy, ensuring power is used efficiently when and where it’s needed most.
“At Return, we’re not just building energy storage—we’re shaping the backbone of a cleaner, more resilient power system for Europe,” says Willem-Jan Schutte, CEO of Return. “The demand for reliable, large-scale storage has never been greater, and we’re ready to deliver. For those looking to be part of the energy transition—whether as partners, customers, or investors—Return is where innovation meets impact.”
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