From pv magazine Energy Storage
United Kingdom-based Pacific Green Technologies has signed a framework agreement with Bermuda-headquartered finance company Re2 Capital for capacity revenue swap arrangements to support 2 GWh of new battery storage in Australia. The deal encompasses four battery energy storage system (BESS) projects located in South Australia (SA), Victoria, New South Wales (NSW), and Queensland.
The agreements will have terms of seven to 10 years, providing a revenue underwriting mechanism for the assets. These projects are part of Pacific Green’s broader 7 GWh development portfolio in the country, and the move comes just days after a 1.5 GWh agreement the company signed with ZEN Energy, also in Australia, bringing recent financing to 3.5 GWh of assets.
Commenting on the recent deals was Scott Poulter, group Chief Executive Officer of Pacific Green, “Following our recent agreement with ZEN Energy for 1.5 GWh, we are delighted to now also sign this first-of-its-kind framework agreement with Re2 for 2 GWh in Australia.”
“Combined, these strategic framework agreements with Re2 and ZEN Energy enable Pacific Green to guarantee revenue underwriting 3.5 GWh of battery projects in Australia and signify a major milestone for Pacific Green’s development business,” Poulter added.
Speaking on the agreement, Re2 Capital Chief Executive Officer Richard Oduntan highlighted the role of such contracts in building out energy infrastructure.
“This framework agreement with Pacific Green is a milestone for both companies and the wider energy market,” Oduntan stated. “Through this framework agreement, we hope to further enable the development of critical infrastructure that will strengthen the National Electricity Market (NEM) in Australia and facilitate continued renewable energy penetration.”
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