Aquila Capital had struck a deal with Spanish company Gransolar Group to purchase three battery energy storage system projects being developed in South Australia as it looks to build a presence in the Australian market.
In a statement issued on Monday, Aquila said construction of the first battery energy storage system is expected to get under way in 2023 with Gransolar’s energy storage arm E22 to continue to manage the projects on behalf of the German company.
Gransolar has already built more than 1 GW of solar and storage capacity in Australia and battery division E22 has previously announced plans to develop 13 large-scale batteries in South Australia, Victorian and New South Wales.
Aquila Capital’s Asia-Pacific chief executive Alexander Lenz said the acquisition is the first for the company in Australia, but he expects the market to provide “immense opportunities” for investments in renewable energy and storage.
“In the clean energy mix, battery storage is crucial for system stability and efficiency, which makes them a key component of our investment and development strategy, as well as being essential to realise the full potential of renewables in Australia,” he said.
Lenz said Aquila, which manages more than 12 GW of wind, solar PV and hydropower assets globally, is also actively seeking other clean energy opportunities in Australia, including wind and solar PV, and is aiming to establish a local office this year.
The transaction comes just months after Aquila and New Zealand-based developer Far North Solar Farm announced they would begin construction on a 1 GW portfolio of large-scale solar PV projects across New Zealand’s North and South islands.
The two companies entered a partnership in 2021, announcing plans to develop the estimated $1 billion suite of large-scale solar PV projects which they said could supply about 4% on New Zealand’s total energy demand once completed.
The companies had planned to break ground on four North Island projects this year.
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