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yesterday

Terra One Secures Up to €150 Million Mezzanine From Aviva Investors to Scale European Grid Battery Storage

The flexible funding is intended to unlock roughly €750 million of projects using the company’s AI-based trading platform.

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

  • Berlin-based Terra One closed up to €150 million in mezzanine financing led by Aviva Investors to expand grid-scale battery storage across Europe.
  • The company says the facility, combined with equity and project debt, could support up to €750 million of investment for about 3 GWh of capacity.
  • Terra One’s proprietary machine-learning platform autonomously optimizes charging, discharging, and participation in wholesale and ancillary markets.
  • Law firm Ashurst, advising Aviva, said the deal enables deployment of 500 MW of battery systems targeted for commissioning by 2028.
  • Elgar Middleton advised Terra One on finance and Hogan Lovells on legal matters; the 2022-founded developer previously raised a $7.5 million seed round.