- Press Releases
April 29 (Renewables Now) - Infrastructure investor Federation Asset Management has agreed to buy a majority stake in 150 MW/300 MWh of co-located battery storage projects in New South Wales, Australia, as the seed asset of its Australian energy transition fund.
The Sydney-based investor said on Tuesday it is buying the stake in the Riverina and Darlington Point battery energy storage systems (BESS), collectively called the Riverina battery projects, from domestic solar and battery storage developer Edify Energy. The value of the purchase was not disclosed.
The projects include three co-located battery units that will become part of the portfolio of Federation’s Sustainable Australian Real Asset (SARA) fund. Following the transaction, Edify will keep an unspecified minority holding in the 60-MW/120-MWh Riverina Energy Storage System 1, the 65-MW/130-MW Riverina Energy Storage System 2 and the 25-MW/50-MWh Darlington Point Energy Storage System.
To be equipped with Tesla Megapack lithium-ion batteries, the facilities will go live in the summer of 2023/2024. Once in operation, they will be able to store electricity for more than 46,000 homes for two hours of peak demand.
Edify will manage the construction and commissioning of BESS facilities and will be the projects’ asset manager. The company has in place a long-term service agreement for the offtake of Riverina 1 with Shell Energy.