Inside Germany’s landmark BESS deal

The right project at the right time

“Grid, grid, grid. And location, location, location."

That’s why Project Jupiter is a natural fit for today’s energy market, says Barbara Giel, Infrastructure Investment Manager at Prime Capital.

“Europe’s power markets are entering a new phase,” she says. Volatility has become the new normal, and renewables are rapidly replacing conventional generation. The result is a grid that requires flexibility. 

Meanwhile, the boundaries between energy and digital infrastructure are blurring. “Digital infrastructure needs reliable power; energy infrastructure needs flexible demand and bankable offtake,” Barbara explains. 

Storage revenue models have matured. Single-product propositions no longer attract investor attention; multimarket optimization is now the watchword. 

Project Jupiter is ideally suited to these conditions. It’s Germany's largest co-located BESS and solar PV project, with the option to build and integrate a hyperscale data center. 

At its heart is a 500MW grid connection at 380 kV. This rare, extra‑high‑voltage transmission connection was secured with 50Hertz, the regional transmission system operator. Project Jupiter achieved this despite grid scarcity in Germany, largely thanks to its strategic co-location, and large-scale, grid-supporting storage.  

The Brandenburg site is also key: a vast former airfield in an area with high wind and solar generation and low demand. It's perfect for a storage asset designed to balance the grid.

The investment case: Complementary technologies, one connection

Prime Capital agreed to acquire Project Jupiter from developer WBS Power in December 2025, with DLA Piper advising on the transaction. A joint investment of up to EUR500 million with Enlight – a renewable energy developer and independent power producer (IPP) – is conditional on Jupiter reaching ready-to-build (RTB) status.

The project’s investment case is built on maximizing the value of a scarce grid connection with three complementary technologies: solar PV, BESS and a data center option. The shared connection strengthens the appeal to investors and lenders in several ways: 

• Co-location eliminates the need for a second, expensive grid connection. This lowers capex while mitigating the risks relating to grid approval and to planning, building and environmental permissions.
• Cannibalization risks are also reduced. Cannibalization is common in the solar sector: high volumes of power flood the market during sunny periods, causing prices to collapse. Instead, Project Jupiter’s solar charges the batteries at zero cost during the day. Then in the evening, the batteries discharge electricity to the grid at peak prices. 
• The data center option offers the potential for reliable, long-term offtake and limits merchant exposure. It positions Project Jupiter as an integrated energy hub, in a market where energy and digital infrastructure are converging. 

“A flexible revenue model is also essential to the investment case,” Barbara emphasizes. Locking into fixed revenue arrangements too early would cap upside, and limit opportunities to respond to a market that’s still maturing. “We’re after the optimal balance of contracted and merchant revenues, matched to investors’ risk appetite."

The co-investment with Enlight adds further weight. It signals to investors that an IPP with a strong track record in the renewables sector is committing its own capital to Project Jupiter. “That kind of validation matters,” Barbara affirms. 

The message to investors is clear: Jupiter offers scarce grid access, project deliverability and flexible offtake, at a location ideally suited to creating value. 

Structuring for complexity – and flexibility 

Project Jupiter is a large and complex transaction: an up-to-EUR500 million commitment on an asset yet to reach construction, with a long period between signing and closing. Seeing it through to completion demands close commercial alignment between Prime Capital and WBS Power. 

A priority from the outset was to ensure it will be built and energized before Germany's grid fee exemption deadline of August 2029. 

Right now, BESS installations don’t pay to use the transmission and distribution network in Germany. “Missing out on that exemption isn’t an option,” says Barbara. “It would materially impair our investment case.” 

Another important factor is prefinancing the capex on long-lead components like transformers, as well as the BKZ (Baukostenzuschuss – or construction cost contribution). That’s a one-off payment to 50Hertz towards the cost of the grid connection. These items require financing before RTB is reached.

The structuring of the deal had to address these complexities while maintaining the all-important flexibility of offtake. That involves detailed discussions with potential tollers and optimizers, to determine how best to configure the BESS and solar PV within the revenue model.

To manage risk, sequencing and optionality across the different elements of the project, the parties adopted a layered structure, with agreements relating to the acquisition; the prefinancing of capex and BKZ; and the data center joint venture.

Customary, market-standard adjustment mechanisms in the overall economic framework are linked to achieved milestones – protecting against downside while preserving upside optionality.

Meanwhile, the legal framework provides clear separation of risk and responsibilities between the parties, and measurable milestones to RTB status.  

A blueprint for the future?

Competition for investment in energy storage projects is intensifying. Propositions with robust grid access, a bankable technical concept, and a credible path to construction and returns may be best positioned to attract serious investment. 

So does Project Jupiter provide a model for the future? 

Some of its key elements are certainly repeatable. As energy markets structurally change, and merge with digital infrastructure, combining different technologies on a single grid connection is an effective way to maximize capital efficiency. And as Barbara points out: “The milestone-driven approach to getting the project to RTB is becoming standard here in Germany."

Less replicable, though, is the combination of scale, co-location, grid access, and the Brandenburg site. That’s what makes Jupiter an exceptional asset. 

Speak to our Energy team

As competition for bankable storage assets intensifies, successful projects need more than scale. They need robust grid access, flexible offtake, clear risk allocation and a credible path to construction and returns.

DLA Piper advises developers, sponsors, investors and lenders on complex BESS, co-located energy and infrastructure transactions across the full project lifecycle – from acquisition and joint venture structuring to grid, offtake, financing and regulatory strategy.