German investor Aquila to buy 440 MWh of BESS projects in Australia

German investment manager Aquila Capital has struck a deal to acquire a 220-MW/440-MWh pipeline of battery energy storage projects in Australia from Spain's Gransolar Group.

The portfolio consists of three projects at various stages of development, Aquila Capital said on Monday.

The deal is Aquila Capital's first investment in the energy storage market in Australia where the German investor sees immense opportunities.

"We are thrilled to close our first acquisition in Australia, a key market for us. Energy storage systems are crucial for system stability and efficiency and will be essential to realise the full potential of renewables in Australia. We look forward to growing our presence and investing long-term in decarbonising the country's economy," said Aquila Capital Asia Pacific's chief executive Alexander Lenz.

Apart from energy storage, Aquila Capital is seeking to make investments in solar and wind projects in Australia in a drive to broaden its clean energy portfolio across Asia-Pacific.

The acquisition comes on the heels of a EUR-1-billion (USD 1.005bn) built-to-sell construction facility that the Hamburg-based investment manager secured last week to finance its 2.6-GW renewable energy pipeline in Spain and Portugal.

In a separate statement, E22, Gransolar's energy storage subsidiary, said that Australia is a key market for the company and it aims to develop 2 GWh by the end of the year.

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