M&A Awards 2026: Royal Vopak acquires majority stake in Green Energy Storage (GES) (Best Deal Mid-Market 2026)

Brief description deal / Deal outline  

Royal Vopak has completed the acquisition of a majority stake in Green Energy Storage (GES) and has taken a final investment decision (FID) on the 200 MW / 800 MWh battery energy storage project in Oosterhout, the Netherlands. Vopak’s total investment in the GES acquisition and the 200 MW / 800 MWh project amounts to around EUR 230 million. 

This investment is part of Vopak’s strategy to invest in energy transition infrastructure, in line with its disciplined approach to capital allocation and return requirements of the portfolio. Commercially, it combines stable contracted revenues alongside exposure to market upside. 

As electricity demand continues to grow and renewable energy generation increases, battery energy storage plays a critical role in delivering reliable electricity while balancing the electricity grid, increasing system flexibility and reducing grid congestion. Through GES, Vopak acquires a proven development platform, a pipeline of projects, and an asset management platform. Vopak's infrastructure experience, financial strength and commercial capabilities complement these to build a strong battery storage position across the portfolio. 

Why should this deal win the Award for Best Deal Mid-Cap 2026?  

It is a transformative transaction that expands the business of Vopak beyond its traditional business of handling and storing chemicals, oil and gas products and other liquid commodities into large-scale battery energy infrastructure. By combining Vopak’s infrastructure expertise and financial strength with GES’s specialist development capabilities, the transaction opens a new strategic growth avenue and positions Vopak to participate in the energy transition. 

1) A fundamental evolution of Vopak’s business 

Vopak’s traditional business centres around terminal infrastructure for physical commodities. Battery energy storage systems (BESS) address a different need: providing flexibility to an energy system by making electricity available when required. The acquisition therefore represents more than an extension to existing activities. It marks a conscious evolution of Vopak’s infrastructure model, by adding a new asset class with distinct technologies, commercial dynamics and growth opportunities. 

Acquiring GES provides Vopak with an accelerated route into this market, adding specialist development expertise and a project pipeline. GES, in turn, gains access to Vopak’s capital resources, infrastructure experience and commercial capabilities. This creates a complementary partnership between an established international infrastructure investor and a specialist project developer. 

2) Turning the acquisition into investment 

A distinguishing feature of the transaction is its immediate connection to a tangible infrastructure investment. Alongside completion of the acquisition, Vopak took the final investment decision on the Oosterhout battery project (project Sequioa), one of the largest BESS projects in the Netherlands with a capacity of 200 MW and 800 MWh. The transaction thus links the acquisition of a development platform with a concrete commitment to deliver a major energy asset, demonstrating how M&A can accelerate investment in an emerging infrastructure sector. 

3) A commercially supported investment case 

The transaction also addresses the challenge of establishing a robust and long-term commercial framework for large-scale BESS projects. One of the sellers, Greenchoice, will take 50% of project Sequoia’s capacity under an eight-year tolling agreement, providing a contracted revenue foundation while leaving the remaining capacity available to pursue other market opportunities. This combination balances revenue visibility with the potential to capture additional value as electricity-market conditions evolve, strengthening the project’s commercial proposition. 

4) A platform for further growth 

Vopak acquired a 79% controlling stake in GES, with agreed terms for acquiring the remaining 21% within two years after closing. The structure establishes control and provides a clear pathway to full ownership. Beyond Project Sequoia, access to GES’s development pipeline provides Vopak a major opportunity to pursue additional projects. The potential value of the transaction therefore extends beyond a single company and a single asset: it lies in developing the capabilities and project base for a broader electricity infrastructure business. 

5) Value for the wider energy system 

Large-scale BESS support grid balancing, help alleviate congestion and facilitate the integration of renewable electricity generation. The transaction consequently has significance beyond the parties because it contributes to the infrastructure needed for a more flexible and resilient Dutch electricity system. 

The transaction combines a transformative strategic rationale with a tangible investment commitment, complementary capabilities and a commercially supported project. Its distinguishing feature is the way it enables Vopak to broaden its focus from traditional liquid commodities to electricity infrastructure. 

For these reasons, the transaction deserves strong consideration for Best M&A Deal Mid-Cap 2026. 

What is the impact of this deal for the company?  

The acquisition provides GES with a strategic partner capable of accelerating its transition from a specialist project developer into a well established battery energy infrastructure business. 

First, access to capital and investment capacity. Vopak’s financial strength enables GES to advance capital-intensive projects, such as project Sequoia, and pursue further opportunities requiring substantial upfront capital commitment. This reduces GES’s reliance on securing separate financing for each stage of its growth. 

Second, accelerated project development and execution. GES can draw on Vopak’s experience in developing, operating and maintaining complex infrastructure assets. These capabilities support project delivery, operational reliability, risk management and the development of consistent standards as its portfolio expands. 

Third, stronger commercial positioning. Vopak’s established infrastructure business and commercial expertise can help GES structure projects around long-term investment horizons and robust contractual arrangements. At Oosterhout, the eight-year tolling agreement with Greenchoice for 50% of capacity illustrates the importance of combining contracted revenues with exposure to electricity-market opportunities. 

Overall, the transaction gives GES access to the capital, industrial expertise and long-term investment perspective needed to accelerate its growth. 

What is the impact of this deal for the direct stakeholders?  

The transaction creates value for direct stakeholders by combining the capabilities of an established infrastructure investor with those of a specialist developer. 

For Vopak, the acquisition provides entry into a new infrastructure segment, diversifies its portfolio and establishes a platform for further investment in electricity infrastructure. It also enables Vopak to leverage its financial strength and infrastructure expertise in a market with growing demand for flexibility. 

For GES, the transaction provides access to Vopak’s capital, operational capabilities and commercial expertise. This supports the execution of GES’s project pipeline, accelerates its growth ambitions and creates opportunities to scale its business with the backing of a long-term infrastructure owner. 

For Greenchoice, the eight-year tolling agreement covering 50% of project Sequoia’s capacity provides a contractual framework for accessing the project’s capabilities and supports the commercial foundation of the investment. The arrangement also contributes to the development of the electricity market in the Netherlands by facilitating investment in flexibility. 

For contractors, suppliers and other project partners, the project Sequoia investment creates opportunities in project development, construction, equipment supply and ongoing operations. Vopak’s involvement as an established infrastructure owner provides confidence in the project’s long-term delivery commitments and operational ambitions. 

Overall, the transaction aligns the interests of the investor, developer, commercial counterparty and wider project ecosystem. By combining capital, specialist expertise and a credible commercial framework, it helps turn a development opportunity into a major infrastructure investment. 

What is the impact of this deal on society?  

The transaction contributes directly to the Dutch energy transition through investment in infrastructure that addresses grid congestion and growing variability of renewable electricity generation. 

Improving grid flexibility. Project Sequoia will be able to absorb electricity when supply exceeds demand and feed it back into the grid when needed. This balances fluctuations in supply and demand and eases congestion, supporting more efficient use of existing grid infrastructure. 

Accelerating renewable energy integration. By shifting electricity availability over time, the project reduces renewable energy curtailment during periods of oversupply and makes electricity available when wind and solar generation are low. This supports the integration of renewable electricity generation into the Dutch electricity system. 

Mobilizing private capital. The approximately €230 million combined investment announced by Vopak for the GES acquisition and project Sequoia demonstrates how strategic M&A can mobilise private capital and specialist expertise to deliver infrastructure projects with tangible societal benefits. 

The transaction’s contribution is therefore practical and measurable in purpose: advancing a 200 MW battery project that can strengthen grid flexibility, support renewable energy integration and help address constraints in the Dutch electricity system. It illustrates how private investment can help deliver the infrastructure required for the energy transition. 

What was most complex about this deal?  

The complexity of the transaction lays in combining the acquisition of a specialist development platform with the investment decision for a major battery energy project. 

First, structuring the acquisition and future ownership. Vopak acquired a 79% controlling stake in GES, with agreed terms for acquiring the remaining 21% within two years after closing. The structure needed to establish effective control while providing a clear pathway to full ownership. In addition, the consideration payable under the transaction required careful structuring to align with the growth plans of GES, resulting in a fixed upfront payment and earnout consideration contingent on detailed business milestones. 

Second, aligning the acquisition with project delivery. The transaction was closely linked to the final investment decision for project Sequoia. Coordinating the acquisition with a substantial capital commitment required the parties to align their investment objectives with the project’s development status, execution requirements and long-term operational prospects. Rather than typical opposing positions, this required all parties to cooperate in a concerted and open manner, aimed at delivering the required deliverables within the ambitious project timeline. 

Third, establishing a robust commercial framework. The eight-year tolling agreement with Greenchoice for 50% of the project’s capacity provides a contracted commercial foundation, while the remaining capacity retains exposure to electricity-market opportunities. Balancing revenue visibility with market risk was an important element of the investment case. 

Finally, navigating an emerging infrastructure market. Large-scale battery projects involve evolving market conditions, complex technical requirements and uncertainty around future revenue opportunities. The parties needed to diligence these factors and established a structure which supports long-term investment while typical transaction risks are mitigated through a W&I insurance. 

The transaction’s complexity therefore extended beyond negotiating an acquisition price: it required the alignment of corporate ownership, project investment and commercial arrangements to establish a credible platform for investment in a new infrastructure sector. 

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