Austria: Schoenherr successfully advises Blackvolt Energy on financing of first large-scale battery storage project in Salzburg

Schoenherr advised Blackvolt Energy on all legal aspects of the project financing. The financing was closed on 27 March 2026 with Raiffeisen-Landesbank Steiermark and comprises a long-term senior secured facility in the double-digit million-EUR range. The transaction represents one of the first fully merchant, institutionally financed utility-scale BESS projects in Austria and was structured without long-term contracted revenues or public subsidy schemes. Commercial operations are expected to commence in the first quarter of 2027.

The project comprises a battery storage system with a capacity of 18 MW / 36 MWh and will play an important role in enhancing Austria's grid stability and enabling the integration of renewable energy sources. As the first standalone large-scale battery storage project in the federal state of Salzburg, it contributes to regional energy security and underlines the growing role of battery storage as a bankable asset class in Austria.

“We are delighted to have supported Blackvolt Energy on this landmark project financing, which represents an important step for the development of Austria’s battery storage market,” said Partner Laurenz Schwitzer, who led the Schoenherr team advising on the transaction. “The deal demonstrates that fully merchant battery storage projects can be successfully financed without subsidies and are capable of attracting institutional capital.”

Blackvolt Energy is an Austrian developer and operator of standalone utility-scale battery energy storage systems, headquartered in Vienna and Steyr. The company is building one of Austria’s largest BESS platforms, with over 300 MW of ready-to-build projects and an advanced development pipeline exceeding 1.2 GW.

The Schoenherr team advising Blackvolt Energy was led by Laurenz Schwitzer (Partner) and further included Mate Kovacs (Attorney at Law), Martin Navara (Attorney at Law) and Stefan Theußl (Associate).