CASE CASSIOPEA in cooperation with ABN AMRO acted as the exclusive financial adviser to ICG on its strategic partnership with W Power Storage

• On 15 December 2025, ICG has entered into a strategic partnership with the German BESS platform W Power Storage through its European Infrastructure team
• The platform plans to deploy up to EUR 500m to deliver its multi-gigawatt BESS project pipeline, with projects already in operation and under construction

Our client, Intermediate Capital Group (“ICG”), one of the world’s leading alternative asset managers, today announced that its European Infrastructure team (“ICG Infra”) has entered into a strategic partnership with W Power Storage GmbH (“W Power” or “the Company”), a German platform specialising in grid-scale battery energy storage systems (“BESS”), alongside its founders, management team and shareholder, Wirth Group. With ICG’s backing, the platform plans to deploy up to €500m to deliver its multi-gigawatt BESS project pipeline, with projects already in operation and under construction.

Headquartered in Heidelberg (Germany) and with a team of more than 50 professionals, W Power combines expertise in land acquisition, permitting, engineering, construction and the operation of grid-scale BESS. It has a multi-gigawatt pipeline in Germany and aims to become a leading Independent Flexibility Provider (“IFP”). Since its foundation in 2021, W Power has leveraged the support and expertise of the Wirth Group to reach its current stage of growth.

ICG (LSE: ICG) is a global alternative asset manager with USD 124bn in AUM operating from over 20 locations globally. The firm invests its client’s capital across Structured Capital, Private Equity Secondaries, Private Debt, Credit, Infrastructure and Real Estate. ICG European Infrastructure manages more than €5bn in Europe and seeks to partner with successful management teams and founders, to provide growth capital to mid-market businesses across the energy transition, digital and mobility sectors.

Commenting on the successful transaction, Frank Heiss, Managing Director at ICG said: “We are delighted to announce our newly formed partnership with W Power. Battery storage is a key pillar of the energy transition, underpinning grid stability, supply security and the integration of renewable energy. W Power has proven development and execution capabilities, a robust pipeline of existing opportunities and strong growth potential. We look forward to working with the management team and our co-shareholders to help accelerate the company’s next phase of growth and establish it as a leading Independent Flexibility Provider. In addition, we thank CASE CASSIOPEA and ABN AMRO, whose deep sector expertise and seamless execution were key to the successful completion of this transaction.”

Marc-Philipp Becker, Managing Partner of CASE CASSIOPEA comments “It was a pleasure to support ICG on this landmark grid scale BESS transaction. The partnership reflects the rapid evolution of Europe’s BESS market and further demonstrates how institutional investors are now backing storage as a standalone infrastructure asset class.”

CASE CASSIOPEA in cooperation with ABN AMRO acted as an exclusive financial adviser to ICG.

Team: 

• Marc Philipp Becker, Managing Partner, Mob: +49 152 338 715 45, marc-philipp.becker@casecassiopea.com
• Mathias Waldschmitt, Director, Mob: +49 176 133 398 27, mathias.waldschmitt@casecassiopea.com
• Alexander Rapoport, Associate, Mob: +49 174 892 5794, alexander.rapoport@casecassiopea.com

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About CASE CASSIOPEA

CASE CASSIOPEA is a European partner-led investment banking advisory firm with offices in Frankfurt, Milan and Paris, cooperating with an international network of partners in Benelux, the Nordics, Spain and the Americas. We provide our clients with discreet, bespoke and independent advice on all strategic and financial operations including mergers, acquisitions, divestitures, capital raisings and other corporate finance transactions. All CASE CASSIOPEA founding partners have been working together for the past twenty years providing the foundation for a common corporate culture with close teamwork across the offices. Partners are all heavily involved in deal execution and are truly committed to long-term relationships based on mutual trust with clients. This culture is shared by our international team of more than 30 experienced and highly qualified professionals, who provide our clients with seamless, customized services: an international team, not just a network.