Aukera Secures €460 Million Credit Facility to Accelerate European Energy Infrastructure Growth
Aukera, the pan-European battery storage and renewable energy platform backed by AtlasInvest, Reggeborgh and SFPIM, Belgium’s sovereign wealth fund, has completed the closing of a €460 million structured credit facility designed to support the continued expansion of its renewable energy, battery storage and broader energy infrastructure portfolio across Europe.
EIG, a major institutional investor focused on the global energy and infrastructure sectors, served as the lead investor in the financing. The transaction provides Aukera with additional financial capacity as the company moves into its next phase of growth and seeks to establish itself as a significant developer, owner and operator of energy infrastructure assets across multiple European markets.
The financing strengthens Aukera’s ability to combine capital resources, development expertise and project delivery capabilities as it advances a growing portfolio of infrastructure projects. The company is focused on developing, financing, constructing and operating renewable generation, battery energy storage and other energy infrastructure assets at scale.
Under the original financing arrangement, Aukera had secured an initial commitment of €200 million. The facility also included an accordion feature that could provide up to an additional €250 million in financing. Following the amendment to the facility, the accordion has been converted into a firmly committed €260 million Series 2 tranche.
The revised structure brings the total committed capital available under the facility to €460 million. The increase represents a significant expansion of Aukera’s financial resources and is expected to support the continued development and delivery of its project portfolio across five European markets: Belgium, the United Kingdom, Germany, Romania and Italy.
The additional capital is intended to support Aukera as it advances projects spanning renewable power generation, battery storage and related energy infrastructure. These investments come at a time when European electricity systems are undergoing substantial change as renewable generation expands and demand for flexible, reliable and responsive infrastructure increases.
Battery storage is expected to play an increasingly important role in that transition. As wind and solar capacity continues to grow, electricity systems require additional flexibility to balance fluctuations in generation and demand. Energy storage assets can help absorb electricity during periods of high generation and return it to the grid when demand is higher or renewable output is lower.
Aukera believes that substantially greater investment in battery storage infrastructure will be required across Europe during the remainder of the decade. According to the company’s co-founders, Europe will need to at least quadruple its battery storage capacity to meet the European Union’s target of reaching 200 GW of capacity by 2030.
Achieving that level of expansion will require more than access to capital, according to the company. It will also require experienced teams and established infrastructure platforms capable of repeatedly developing and delivering complex projects across different markets while managing construction schedules, financing requirements, operational challenges and commercial risks.
Since securing the original credit facility, Aukera has continued to demonstrate its ability to originate, finance and deliver projects across its European markets. The company currently has close to 1 GW of projects either under construction or already in operation.
These projects span Aukera’s five target markets and provide the company with an operational foundation as it continues to expand. In addition to its existing construction and operational portfolio, Aukera is advancing a development pipeline of approximately 14 GW of renewable energy and energy infrastructure opportunities across Europe.
The size of that pipeline reflects the company’s ambitions to participate in the continued buildout of Europe’s low-carbon electricity system. However, transforming a large development pipeline into operating infrastructure requires substantial expertise and capital throughout the project lifecycle.
Projects must progress through development and permitting processes, secure appropriate financing structures, manage engineering and construction activities, and ultimately operate successfully in increasingly complex electricity and energy markets. Aukera said its platform is designed to bring together capabilities across each of these areas.
Catalin Breaban and Pascal Emsens, Aukera’s co-founders, said the expanded financing arrangement with EIG provides the company with the financial depth needed to support its strategy.
They emphasized that the growth of battery storage capacity will require infrastructure platforms capable of delivering projects repeatedly and efficiently across multiple jurisdictions.
“We believe Europe needs to at least quadruple its battery storage capacity to reach the EU’s 200 GW target by 2030,” the co-founders said. “That requires not just capital, but teams and platforms that can deliver complex infrastructure repeatedly, on time, on budget and across multiple markets.”
The co-founders said the €460 million facility will strengthen Aukera’s ability to pursue that objective while continuing to expand its portfolio.
“With close to 1 GW in construction or operation today, a 14 GW pipeline, and a team with deep expertise across development, financing, delivery, revenue optimisation and sophisticated asset management, we expect Aukera to emerge as one of Europe’s established battery storage and renewable energy platforms,” they said.
They added that the company believes it is well positioned to continue developing infrastructure capable of supporting Europe’s changing energy system as renewable generation, electrification and the need for grid flexibility continue to increase.
For EIG, the expansion of the financing facility represents a further investment in a European energy infrastructure platform that has established a diversified presence across several markets.
Rob Johnson, President and Chief Investment Officer of EIG Credit Management, said the investor was pleased to expand its relationship with Aukera through the significantly increased facility.
“Aukera has built a diversified portfolio across several European markets, supported by an experienced team with capabilities spanning project development, financing, construction and operations,” Johnson said.
“This transaction reflects EIG’s confidence in the Aukera team and strategy, as well as our focus on providing flexible capital solutions to established energy infrastructure platforms.”
The transaction also involved a range of financial, legal, technical and market advisers. Nomura Greentech served as issuer financial adviser, while A&O Shearman acted as issuer legal counsel. White & Case provided investor legal counsel, and Watson Farley & Williams was responsible for legal due diligence.
RINA Consulting provided technical due diligence, while Forvis Mazars supported model, financial and tax-related due diligence. Aurora Energy Research provided market due diligence for the transaction.
With the €460 million facility now fully committed, Aukera has strengthened its financial position as it continues to move projects from development through construction and into operation. The company enters its next stage of growth with close to 1 GW of projects already under construction or operational and a significantly larger pipeline of potential opportunities across Europe.
As European power systems continue to integrate larger volumes of renewable energy, investment in battery storage and other flexible infrastructure is expected to remain increasingly important. Aukera’s expanded financing facility provides the company with additional resources to pursue that opportunity and continue building a portfolio intended to support the evolving needs of Europe’s energy markets.
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