February 28, 2025: Lion Storage said on February 17 it had reached financial close for its Mufasa BESS project in The Netherlands.

Lion, part of the Return energy group, said Mufasa is the largest utility-scale BESS project in the country to be fully funded through 100% non-recourse project financing of over €350 million ($368 million).

The project, backed by Macquarie Capital as lead equity investor alongside listed infrastructure investor TINC, existing Return investors and six banks, will comprise Tesla’s Megapack 2 XL energy storage system.

The batteries will be able to charge and discharge 1,400 MWh at 350 MW power capacity, several times per day, which Lion said is sufficient to power more than 200,000 homes.

Tesla is also providing engineering, procurement, construction and long-term service agreements. 

Set to become operational in the first half of 2027, Mufasa is being built in Vlissingen — in a key hub for renewable energy in the Netherlands. 

The facility is set to replace a former coal-fired power plant connection to the high voltage grid.