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Back into the power grid.

Quote: When regenerative braking is employed, the current in the electric motors is reversed, slowing down the train. At the same time, the electro motors generate electricity to be returned to the power distribution system

https://www.ctc-n.org/technologies/regenerative-braking-trai...

I assume it goes into the grid. Possibly to other trains that need the power right then.

The light rail MAX trains in Portland use regen braking without batteries, as one train is slowing it's generating power for other trains that are in motion[1].

1: https://www.wired.com/2013/06/portland-light-rail/