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4h ago

Aviva Investors Commits Up to €150 Million in Mezzanine Financing to Terra One

The facility enables project-level leverage to accelerate deployment toward roughly 3 GWh of grid-scale battery capacity.

A render of re.venture's project, for which it recently got local approval. Image: re.venture.
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Overview

  • Terra One says the Aviva-backed facility, combined with equity and bank financing, could support up to €750 million of investment in new storage assets.
  • The company targets around 3 GWh of capacity, which it says could supply roughly 20% of German households for one hour.
  • The mezzanine instrument sits between debt and equity, offering flexible capital intended to scale projects without significant founder dilution.
  • Terra One emphasizes an AI-driven trading platform that autonomously optimizes charging, discharging, and participation in wholesale and ancillary markets across Europe.
  • Elgar Middleton advised on the transaction and Hogan Lovells served as legal counsel, with company and investor statements calling the deal a milestone for European grid resilience.