Infrastructure investor Federation Asset Administration has agreed to purchase a majority stake within the three batteries that make up the Riverina and Darlington Level battery storage system, within the first battery asset transaction of its sort in Australia.
Federation will use the bulk stake within the 150MW and 300MWh of battery storage capability unfold over three distinct however co-located belongings, and can use them as seed belongings for a brand new pure play “power transition” fund known as the Sustainable Australian Actual Asset fund.
The transaction is notable as a result of it seems to be the primary sale of a battery asset within the Australian market. All different battery belongings working within the Australian market have remained within the arms of their unique homeowners, even when the operations are contracted to different events.
The three batteries that make up the ability have been developed by Edify Vitality, which can retain an unspecified minority stake within the belongings, and which has signed long run off take agreements with Shell and EnergyAustralia.
“Battery power storage capability is crucial to accelerating power transition within the Nationwide Electrical energy Market, and supporting the electrical energy grid,” stated Stephen Panizza, co-founder and head of renewable power at Federation.
“Battery power storage is a wonderful asset class, and the Riverina Battery Tasks are high quality initiatives; each technically with the Tesla Megapack, and financially through long run offtake contracts with sturdy counterparties in EnergyAustralia and Shell Vitality.”
The Federation SARA fund will embrace investments in wind, photo voltaic, power storage and behind-the-meter photo voltaic electrical energy era and likewise waste options.
Edify will handle the development and commissioning of the Riverina battery initiatives and can act as asset supervisor for the undertaking all through its operational life.
“Battery power storage is significant to advancing the dispatchability and resilience of a renewable energy system,” Edify CEO John Cole stated within the joint assertion.
“The Edify workforce acutely understands the necessity for, and performance of, essential inverter-based energy system infrastructure.
The three batteries will joint the grid on the Darlington Level substation within the Murrumbidgee shire of NSW, close to Edify’s 275MW Darlington photo voltaic farm, and on the standard lands of Wiradjuri Nation. They’re due for completion in the summertime of 2023/34.
The 60MW/120MWh Riverina Energy Storage System 1 – has been signed up by Shell as a part of its plans to service its NSW authorities electrical energy provide contract.
EnergyAustralia has signed as much as take “market management” of the opposite two installations – Riverina 2 (65MW/130MWh) and Darlington Level (25MW/50MWh) – for a interval of at the least 10 years.