TINC announces a strategic investment in the largest battery storage
system in the Netherlands (NL)


Antwerp, February 18, 2025, 7:00 CET


TINC, the infrastructure investor listed on Euronext Brussels, announces a € 61 million investment in
Project Mufasa, one of the largest battery energy storage systems (BESS) in the EU. The project is
realised in the North Sea Port Vlissingen, a key hub for renewable energy in the Netherlands. Replacing
a former coal-fired power plant at the grid connection to the high voltage substation of TenneT, this
landmark initiative represents a major step forward in supporting the transition to renewable power
in the Netherlands by strengthening its critical energy infrastructure.

“We are delighted to be working with Lion Storage and our investment partners Macquarie and
existing Return investors on this milestone infrastructure for the Dutch energy transition. This
investment aligns perfectly with the ambition of TINC to contribute to the infrastructure for the world
of tomorrow whilst creating value for our shareholders. TINC will fund this landmark investment under
its € 200 million revolving credit facility” – Stéphanie Dobbelaere, Executive Director TINC.

First utility-scale battery storage system in the Netherlands

Project Mufasa - one of the largest battery energy storage systems (BESS) in the EU and a development
of Dutch energy storage developer Lion Storage - has successfully reached financial close. Set to
become operational in H1 2027, the project will be built at North Sea Port Vlissingen, a key hub for
renewable energy in the Netherlands. Replacing a former coal-fired power plant at the grid connection
to the high voltage substation of TenneT, this landmark initiative represents a major step forward in
supporting the Dutch transition to renewable power by strengthening its critical energy infrastructure.
The batteries of Project Mufasa will be able to charge and discharge 1,400 MWh at 350 MW power
capacity, several times per day. That is sufficient to power well over 200,000 households. As the largest
BESS in the Netherlands and one of the top energy storage projects in Europe, it sets a new standard
for balancing and securing power grids.

Pioneering financing

Project Mufasa is the largest utility-scale battery storage project in the Netherlands to be fully funded
through 100% non-recourse project financing of € 350 million. The closing of Project Mufasa
demonstrates that project finance banks and global infrastructure investors are fully supportive of
battery storage as part of the future energy infrastructure. The project supports the Netherlands’


TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 1
transition to renewable energy, by helping to reduce congestion, stabilizing the power grid, increasing
security of supply and curbing the rising cost of energy to end users. The project has partnered with
Dutch Route-to-Market pioneer Eneco, who will be operating Project Mufasa on a day-to-day basis.

An investment of € 61 million for TINC

TINC invests € 61 million in Project Mufasa for a 36,67% preferred equity interest. TINC will fund the
investment under its € 200 million revolving credit facility. The FY2024 financial results of TINC will be
published on March 12, 2025.



About TINC
TINC is a listed investment company that seeks to create sustainable value by investing in the infrastructure for
the world of tomorrow. TINC participates in companies that are active in the realization and operation of
infrastructure and holds a diversified portfolio of participations in focus areas such as public infrastructure,
energy infrastructure, digital infrastructure and selective real estate in Belgium, France, Ireland and the
Netherlands. For more information, please visit www.tincinvest.com.

Contact
Manu Vandenbulcke, CEO TINC
T +32 3 290 21 73 - manu.vandenbulcke@tincinvest.com
Filip Audenaert, CFO TINC
T +32 3 290 21 73 - filip.audenaert@tincinvest.com



About Return
Return is the leading European independent energy storage provider, committed to revolutionizing the energy
sector. Driven by an entrepreneurial team of experts, Return offers innovative, sustainable solutions to store
and intelligently manage energy, ensuring power is used efficiently when and where it’s needed most.
Headquartered in Amsterdam and with a growing presence across Europe, Return is at the forefront of the
energy transition, integrating large-scale battery energy storage systems (BESS) to support grid stability,
renewable energy integration, and Europe's net-zero goals. As gamechanger in flexible energy, Return
provides reliable energy storage that powers the future of clean energy. For more information:
www.return.energy



About Lion Storage
Lion Storage develops pioneering energy storage systems. We focus on the development of innovative utility-
scale storage solutions driven by merchant business models, supporting the roll-out of more renewable energy
production, and accelerating the energy transition. Project Mufasa is our flagship project and a testimony of our
capabilities and vision. For more information: www.lion-storage.nl




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