TINC Big Investment in The Netherland's largest battery storage system
TINC announced that it has made a €61m (for a 36.67% preferred equity interest) investment in Project Mufasa, one of the largest battery energy storage systems (BESS) in the EU. TINC will fund the investment under its €200m revolving credit facility. The project will be located in the North Sea Port Vlissingen, a key hub for renewable energy in the Netherlands. The BESS will replace a former coal-fired power plant and represents a major step forward in supporting the transition to renewable power in the Netherlands. The project will become operational in 1H FY27 and will be able to discharge 1,400MWh at 350MW power capacity (several times per day) which is sufficient to power well over 200,000 households. We welcome this as the investment amount is on the higher end vs. the avg. ticket size of TINC, indicating managements clear ambition to double portfolio size over the next 5yrs. We reiterate our BUY rating and €14.0 TP.TINC Comm VA. Tinc Comm VA, also known as TINC, is a Belgium-based company focusing on investments in Infrastructure Asset Companies holding capitalintensive Infrastructure Assets providing services and generating cash flows of a long term sustainable nature. The Initial Investment Portfolio of the Company includes investments in over 10 Infrastructure Asset Companies holding underlying Infrastructure Assets in public private partnerships (PPP), energy and real assets in Belgium and the Netherlands, including Strorm and Brabo 1, among others. It operates through Storm Holding 4 NV.
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