Fotowatio Renewable Ventures (FRV) Australia, owned by Saudi Abdul Latif Jameel Energy and Canadian pension fund Omers, announced it has acquired the Axedale solar generation and battery energy storage project from Philippines-based developer Acen.
The Axedale project, being developed across a 365-hectare site about 20 kilometres east of Bendigo in central Victoria, will comprise a 140 MW solar farm coupled with a 50 MW / 100 MWh battery energy storage system.
FRV said the project secured a connection agreement with network operator AusNet and the Australian Energy Market Operator (AEMO) in December and is now nearing the completion of permitting. Once operational, it will generate an estimated 369,459 MWh of clean energy per year, enough to power the equivalent of approximately 80,000 homes.
The Axedale project site is adjacent to FRV’s proposed Fosterville 100 MW solar farm and 200 MWh battery energy storage development, which is also working its way through the permitting process.
FRV Australia Chief Executive Officer Carlo Frigerio said the purchase of the Axedale project strengthens the company’s position in the Australia energy market and aligns with its plan to hybridize its portfolio and expand its battery energy storage capabilities.
“The acquisition of Axedale underscores our commitment to developing innovative projects that blend renewable energy and storage, key elements for ensuring grid stability and advancing towards a cleaner, more efficient energy system,” he said.
FRV, which has been investing in Australian since 2012, has eight operating solar projects in the country with a combined capacity of nearly 1 GW.
The company said it is now actively working to hybridize its portfolio and expand its battery energy storage capabilities and has a number of developments underway. These include the 100 MW / 200 MWh Terang and the 250 MW / 500 MWh Gnarwarre battery projects, both in Victoria.
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What was the price?
The price was not announced publicly