Jemena drops plans to invest in 14D’s storage and solar project in South Australia

Thermal energy storage technology developer 1414 Degrees Ltd (ASX:14D) last week said that Ovida Infrastructure Pty Ltd, a fully owned subsidiary of Australian energy infrastructure owner Jemena Pty Ltd, has walked away from plans to invest in 14D’s Aurora Energy Project near Port Augusta in South Australia.

The project has development approval for up to 140 MW/280 MWh of battery storage, 70 MW of solar photovoltaic (PV) and 150 MW of concentrated solar power (CSP), as well as connection to the ElectraNet grid.

According to the announcement, Ovida’s withdrawal reflects a decision by Jemena, which is owned by State Grid of China and Singapore Power, to focus on investing in its existing assets.

An exclusivity memorandum of understanding (MoU) signed between the parties at the end of 2021 has been terminated, with 14D to get a AUD-100,000 (USD 74,636/EUR 68,719) termination payment and retain an initial payment by Ovida of AUD 300,000.

14D will continue developing the project and will seek to engage with other investors. Its focus remains on completing a connection agreement and initial development of a 140-MW/140-MWh battery energy storage system, pursuing a final investment decision for construction in late 2022.

(AUD 1 = USD 0.746/EUR 0.687)

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