Fotowatio Renewable Ventures (FRV) Australia is officially moving forward with its first major battery project, the 100MW/200MWh Terang Battery Energy Storage System (BESS) in south-west Victoria, following a substantial funding round last week.
The $1.2 billion refinancing deal includes funds for the construction of the battery, which is already in the early stages of development near Terang. The project was initially launched in 2022 with a $7 million grant from the state government’s Energy Innovation Fund to install grid-forming inverters alongside the BESS.
FRV acquired the project from Ace Energy in 2021, around the same time it obtained plans for another nearby large-scale battery, the Gnarwarre project.
Backed by Saudi and Canadian investments, FRV Australia finalized connection agreements with AusNet earlier this year and has engaged Canadian Solar’s e-Storage technology for the battery’s construction.
FRV Australia CEO Carlo Frigerio highlighted the significance of reaching financial close on the company's first large-scale battery project. He emphasized that this achievement underscores FRV Australia's dedication to diverse renewable energy technologies and strengthens its position in the sector, setting the stage for future innovations and portfolio growth.
The new BESS is located near another proposed FRV Australia battery, the 250MW/500MWh Gnarwarre project, which has conditional funding from ARENA’s Large Scale Battery Storage Round. Construction on this project is expected to commence soon.
FRV Australia's portfolio includes nearly 1 gigawatt (GW) of solar capacity and 102.5MW/205MWh of batteries. This includes six operational solar farms, a hybrid solar and BESS project at Terang, and the Walla Walla solar farm currently under construction in NSW. Additionally, the company recently launched a small solar/battery hybrid project in Dalby, Queensland, featuring a 2.45 megawatt (MW) solar farm and a 2.54 MW/5MWh battery, one of the first true "hybrid" projects in Australia. FRV is also developing a larger solar and battery hybrid project at Ravenswood with a potential connection capacity of 96 MW.
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