Solar and storage developer Fotowatio Renewable Ventures Australia (FRV) has reached financial close on the 250 MW / 500 MWh Gnarwarre battery energy storage project being developed near the town of the same name in Victoria’s south.
The battery will be constructed on a seven-hectare site on the outskirts of Gnarwarre, about 20 kilometres west of Geelong. The project will consist of approximately 192 lithium-ion battery energy storage units and will connect to the grid via the existing 220 kV overhead transmission line adjacent to the site.
FRV said the battery project will feature grid-forming inverter technology that will “provide essential system stability services traditionally provided by synchronous generation such coal and gas.”
FRV Australia Managing Director Carlo Frigerio said the technology shapes as critical for grid stability as the penetration of variable, renewable energy increases.
“Large-scale storage like this is essential to provide firming capacity that supports a reliable and clean energy system,” he said.
“This project also helps the state of Victoria reach its ambitious renewable energy and net-zero targets.”
FRV, owned by Saudi energy company Abdul Latif Jameel Energy and Canadian pension fund OMERS, said the project is financed under the $1.2 billion (USD 780 million) portfolio financing facility closed by its Australia arm last year. The project has also received support from the Australian Renewable Energy Agency, which awarded a $15 million grant under its large-scale battery storage funding round.
Frigerio said the financial close of Gnarwarre is a major step for the developer as it looks to expand its battery storage portfolio and strengthen its position as a leader in renewable energy in Australia.
“With this milestone, FRV Australia continues to grow its integrated portfolio of generation and storage projects to help build a more resilient and sustainable grid,” he said.
FRV, which has been investing in Australia since 2012, now operates nine large-scale PV facilities across Australia and New Zealand, surpassing 1 GW of capacity, and has a number of developments underway.
These include the 100 MW / 200 MWh Terang battery project being constructed about 125 kilometres west of Gnarwarre, the 300 MW Walla Walla solar farm being built in New South Wales, and the recently acquired Axedale solar and storage project being built in central Victoria.
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