Osborne Clarke advises SMAREG 12 (ju:niz/EQT) on entering into a hybrid tolling merchant agreement with Next Kraftwerke (Shell)
Published on 3rd December 2025
Osborne Clarke has 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. Next Kraftwerke, a company of the Shell group, will, under the agreement, assume exclusive operational control and marketing of the “SMAREG 12 Vöhringen” project.
ju:niz Energy develops and operates advanced utility‑scale battery storage systems that are both system‑ and grid‑compatible while ensuring economic viability. The company’s value chain covers project development – from land acquisition through to grid connection – project management – including planning, construction and commissioning – as well as technical operations, maintenance and commercial management, which includes coordination of market operations and optimisation of system performance.
The “SMAREG 12 Vöhringen” project consists of an LFP storage system located in Vöhringen (Bavaria), which has, at the grid connection point, usable power of around 20 MW and usable energy capacity of approximately 40 MWh. The storage system has been in operation since 1 December 2025. The remuneration model implemented here is structured as a hybrid with a split between tolling and merchant: part of the usable power is provided as tolling capacity and is remunerated via a power‑based toll fee; the remaining part constitutes the merchant capacity and is remunerated under an index‑based cross‑market approach. The result is predictable base revenues plus the capture of short‑term market opportunities – including in the day‑ahead, intraday and balancing energy markets.
To the parties’ knowledge, the contract, with its hybrid pricing model, is the first of its kind in Germany and has made a material contribution to the financing of the battery storage system. An important signal for the bankability of large‑scale storage systems – and a blueprint for future projects.
“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,” says Anna von Bremen, Head of Energy Innovation at Osborne Clarke. “The partnership with Next Kraftwerke (Shell) shows how technical excellence and smart incentive design lead to a robust risk‑return profile.”
Under the agreement, ju:niz Energy remains responsible for the operation and availability of the storage system, while Next Kraftwerke assumes operational control and marketing.
The Osborne Clarke team that advised SMAREG 12 comprised Anna von Bremen and Rahel Brockmann.
