Battery Energy Storage Systems - Powering the next phase of the Energy Transition
April 30, 2026
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3 min
Antoine BLAYAU
Investment Director
Mirova
Antoine BLAYAU
Investment Director
Mirova
Introduction
Battery Energy Storage Systems (BESS) are becoming a cornerstone of Europe’s electricity systems, as power markets evolve to accommodate higher shares of renewable energy and increasing flexibility needs. By storing energy and dispatching it when it is most valuable, battery storage supports grid stability, enhances system resilience and enables the next phase of renewable deployment.
At Mirova, we view BESS as critical infrastructure, not as a peripheral asset class. Integrated within wind and solar portfolios, storage helps to unlock the full potential of renewables while contributing to resilient, well-balanced investments for our clients. This article sets out our investment thesis in BESS, our experience across European markets, and the role storage plays in building robust, long-term infrastructure portfolios.
Flexibility at the core of evolving power markets
The rapid deployment of wind and solar capacity is increasing the share of intermittent generation across European grids. This transformation is driving higher price volatility, more frequent supply-demand imbalances, and a growing reliance on flexibility solutions to match electricity availability with demand.
BESS directly address these challenges by:
- Strengthening grid reliability and system stability,
- Optimising energy value through strategic charging and dispatch,
- Facilitating renewable integration by mitigating intermittency and reducing curtailment.
As renewables continue to scale and European policy tightens the link between energy transition and sovereignty, storage is increasingly essential to ensuring a reliable and resilient power system.
Mirova draws on over a decade of experience in BESS investing
Battery storage has been a core component of Mirova’s Energy Transition Infrastructure strategy since our first investment in 2014 with a pioneering solar PV + storage project in France. It remains central across our portfolios.
Our conviction is rooted in disciplined, real investments made independently or alongside partners such as Corsica Sole, in 2014, and later in 2022 and 2023. These investments enabled us to build in-depth expertise across the technical, regulatory, and economic dimensions of storage.
Building on this foundation, we have expanded our footprint by partnering with specialised players such as TagEnergy, enhancing strategies, optimizing revenues, and managing storage-related risks. Today, we develop, own and operate storage systems across 10+ countries in Europe.
This experience positions us to capture the opportunities created by rapidly evolving power markets, while managing the complexity inherent to storage investments.
Selected Mirova examples
Our approach to storage reflects the diversity of market needs and asset configurations.
At Hyperion, our partner in Portugal, BESS is a core enabler of the development strategy. Battery storage is systematically integrated with one or two renewable generation assets to strengthen bankability, diversify revenues and enhance flexibility. This is illustrated by 1the hybridization of an operating PV park with BESS, and 2a fully integrated three-technology project combining wind, solar and battery storage with a highly secured revenue profile, supported by an innovative portfolio project finance funding.
In Estonia, our Sunly platform integrates wind, solar, and battery storage within a single operating model, exemplifying how storage can support a reliable and sustainable power production profile.
Battery storage supports stable and risk-adjusted infrastructure returns
Mirova views battery storage as a powerful tool to strengthen renewable portfolio resilience. Whether deployed as standalone assets or hybridised with renewables, storage improves revenue visibility by enhancing power purchase agreement structuring and reducing exposure to adverse pricing periods. This contributes to stable and predictable cash flows aligned with institutional investor expectations.
Storage also offers disciplined optionality through market arbitrage and participation in system services, enabling enhanced risk-adjusted returns without compromising project fundamentals. Our investment approach prioritises capital preservation, long-term stable returns, and contributions to flexibility, security of supply, and European energy sovereignty.
Given its reliance on multiple performance drivers, including system services and energy arbitrage, and its operationally intensive feature, investing in storage requires greater agility than traditional wind or solar. We prioritise utility-scale projects capable of revenue stacking and rely on mature and scalable technologies.
As a mission-driven, B-Corp certified company2, our decisions are also guided by two main principles:
- Technological safety: partners selection emphasises the highest fire-safety and thermal-management standards to protect assets, communities, and investors.
- Upstream footprint and critical materials: we scrutinise battery supply chain, material sourcing and supplier recycling commitments to mitigate environmental and social impacts.
Conclusion
Battery storage is unlocking the next phase of the energy transition and has become a strategic component of infrastructure portfolios focused on renewables.
Through early experience, disciplined investment, and integrated ESG practices, Mirova positions storage at the heart of its energy transition infrastructure strategies.
The mentioned perspectives reflect the opinion of MIROVA at the date of this document and are subject to change without notice.
1Power Purchase Agreements.
2Mirova is a mission-driven company since 2020. For more information : www.entrepriseamission.com. Certified since 2020, Mirova reapplies for the B Corp Certification every three years. The annual fee for maintaining the certification is €2,500. To find the complete B Corp certification methodology, please visit the B Corp website here: https://www.bcorporation.net/en-us/certification.
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