Osborne Clarke advises SMAREG 12 (ju:niz/EQT) on hybrid tolling‑merchant agreement with Next Kraftwerke (Shell)

Osborne Clarke advised SMAREG 12 GmbH & Co. KG, a company of the ju:niz group (EQT), on entering into a Hybrid Tolling‑Merchant Agreement with Next Kraftwerke GmbH, a company of the Shell group. Under the agreement, Next Kraftwerke will assume exclusive operational control and the marketing of the SMAREG 12 Vöhringen project, while ju:niz Energy remains responsible for the operation and availability of the storage system. ju:niz Energy develops and operates advanced utility‑scale battery storage systems that are system‑ and grid‑compatible and commercially viable. Its value chain covers project development from land acquisition through grid connection, project management including planning, construction and commissioning, and technical operations, maintenance and commercial management, including market coordination and optimisation of system performance. The SMAREG 12 Vöhringen project comprises an LFP storage system located in Vöhringen, Bavaria, with usable power at the grid connection point of approximately 20 MW and usable energy capacity of about 40 MWh. The storage system has been in operation since 1 December 2025. The remuneration model is structured as a hybrid split between tolling and merchant: part of the usable power is provided as tolling capacity and remunerated via a power‑based toll fee, while the remaining merchant capacity is remunerated under an index‑based cross‑market approach. This creates predictable base revenues while allowing capture of short‑term market opportunities in the day‑ahead, intraday and balancing energy markets. To the parties' knowledge, the contract and its hybrid pricing model are the first of their kind in Germany and have made a material contribution to the financing of the battery storage system. The agreement is presented as an important signal for the bankability of large‑scale storage systems and a potential blueprint for future projects. Anna von Bremen, Head of Energy Innovation at Osborne Clarke, commented: With the hybrid tolling‑merchant model, we are creating for ju:niz Energy a mix of reliable predictability and targeted participation in volatile markets. This strengthens the bankability of the asset and at the same time sets a new market standard in the marketing of large battery storage systems. The partnership with Next Kraftwerke (Shell) shows how technical excellence and smart incentive design lead to a robust risk‑return profile. Osborne Clarke represented client(s) SMAREG 12 GmbH & Co. KG (ju:niz/EQT) with a team composed by: Anna von Bremen, Head of Energy Innovation; Rahel Brockmann.

Osborne Clarke advises SMAREG 12 (ju:niz/EQT) on hybrid tolling‑merchant agreement with Next Kraftwerke (Shell)

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