The Aussie unit of sustainable energy developer and power producer Fotowatio Renewable Ventures (FRV) will receive state funding to support the construction of a 100-MW/200-MWh battery energy storage system (BESS) in Victoria.
Fotowatio Renewable Ventures Australia said on Thursday it will be granted AUD 7 million (USD 4.6m/EUR 4.7m) under the second round of the Aussie state’s Energy Innovation Fund (EIF). The financing is earmarked for its Terang project.
To be installed just outside the town of Terang, in the Western District of Victoria, the lithium-ion battery will consist of 78 shipping containers located next to the Terang Terminal Station. The AUD-100-million project was initiated by ACEnergy.
“This is one of FRV Australia's most advanced BESS projects expected to be built over the next few years,” said FRV Australia’s CEO Carlo Frigerio.
FRV spokesman Juan Gonzales has told The Standard that onsite construction works are due to being in the second half of next year, with the battery planned to be switched on by end-2024.
Fotowatio Renewable Ventures Australia is jointly owned by FRV and Canadian investor and asset manager Omers Infrastructure. The latter agreed to buy a 49% stake in the Aussie firm in October 2021.
(AUD 1.0 = USD 0.652/EUR 0.670)
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