Aviva Investors commits €150m to battery energy storage investment

Written by Michael Griffiths

17/09/2025

Aviva Investors has committed up to €150m in investment into the European battery energy storage system (BESS) market.

The asset management business of Aviva made the investment with Terra One Climate Solutions, a vertically integrated battery storage developer and operator based in Germany.

As part of its investment, Aviva Investors will acquire an initial shareholding in Terra One, as well as two seats on the company’s board.

An initial €75m commitment by Aviva Investors will sit alongside an additional €15m of funding from Terra One to help finance the construction of c.500MW of BESS assets in Germany, which are expected to be operational by 2028, with the potential to top-up its investment at a later date.

The deal will allow for a total €150m commitment from Aviva Investors to support the construction of Terra One’s pipeline of later-stage development assets.

Head of infrastructure equity at Aviva Investors, Angenika Kunne, commented: “We are pleased to have completed this platform investment in Terra One, a company which has benefitted from first-mover advantage in one of Europe’s largest power markets.

“Energy storage in Germany is at a fast-growing and dynamic stage of its development, making it an exciting place to invest whilst capturing growth and returns. This is another example of how Aviva Investors is investing in new technologies that can help whole industries get ready for the future.”

Kunne also said the investment “sits well” within Aviva Investors’ overall climate transition strategy, by increasing the group’s exposure to a core energy market.

“Investing into Terra One directly also provides us with diversification and gives us exposure to its entire portfolio of assets,” Kunne added. “We look forward to working with the team at Terra One and continuing to scale its early success.”

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