South Australia-headquartered gentailer Zen Energy has signed an agreement with joint venture (JV) partner Taiwan-headquartered clean power developer Hongde Energy Renewable Energy (HDRE) to develop 795 MW of greenfield renewable generation projects with 695 MW of utility-scale battery storage and 100 MW of solar.
Through its JV asset management platform ZEBRE, HDRE has committed $14 million (USD 8.8 million) to the deal bringing its cumulative investment to $57 million, while for the first time obtaining rights to four greenfield projects in New South Wales (NSW), Victoria, Queensland and other undisclosed locations in Australia.
Among them, a proposed 105 MW / 420 MWh NSW battery energy storage system (BESS) located in the Riverina is expected to begin construction in 2026 and deliver clean energy to nearly 35,000 households, while three other projects cover independent energy storage systems and hybrid solar and storage sites in Victoria and Queensland.
These are forecast to provide stable renewable energy for nearly 232,000 local households and businesses.
Image: Hongde Energy Renewable Energy
ZEBRE
ZEBRE focuses on the investment and asset management of large-scale photovoltaic and energy storage projects in Australia, with an overall target development capacity of 1.4 GW.
The first ZEBRE investment began with the Solar River 256 MW BESS and 210 MW solar farm north of Adelaide, South Australia (SA), which is now entering the final stage of grid connection application.
The Solar River BESS and solar hybrid project was successful in the first funding round of the expanded Capacity Investment Scheme (CIS) in September 2024.
Under ZEBRE, ZEN has also entered into a tolling agreement for Solar River to ensure the project moves quickly to financial close and construction.
ZEBRE is 70% owned by HDRE and the new deal progresses its acquisition of the platform, complementing its subscription of 9.7% of ZEN shares for $43 million – overall valuing ZEN at $443 million.
Zen describes the venture as a major milestone for the company, forecasting the ZEBRE platform will boost Australia’s national energy storage capacity for 3 GW to 4 GW.
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