{"id":21172,"date":"2025-08-04T00:01:13","date_gmt":"2025-08-03T22:01:13","guid":{"rendered":"https:\/\/frv.com\/?p=21172"},"modified":"2025-08-04T12:25:26","modified_gmt":"2025-08-04T10:25:26","slug":"frv-australia-completes-financial-close-of-the-250mw-500mwh-gnarwarre-battery-project","status":"publish","type":"post","link":"https:\/\/frv.com\/en\/frv-australia-completes-financial-close-of-the-250mw-500mwh-gnarwarre-battery-project\/","title":{"rendered":"FRV Australia completes financial close of the 250MW\/500 MWh Gnarwarre battery project"},"content":{"rendered":"<p><\/p>\n<ul>\n<li>FRV Australia has reached financial close of the Gnarwarre storage project in Victoria, with a capacity of 250\u202fMW\/500<\/li>\n<li>The project is financed under FRV Australia\u2019s portfolio facility closed in July 2024, bringing the total installed solar and storage capacity to approximately 1.4\u202fGW.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Sydney, Australia, 4th August 2025<\/strong><\/p>\n<p><a href=\"https:\/\/frv.com\/en\/\">Fotowatio Renewable Ventures (FRV) Australia,<\/a> a leading developer of sustainable energy solutions, and part of <a href=\"https:\/\/alj.com\/en\/energy-and-environmental-services\/energy-overview\/\">Jameel Energy<\/a> and <a href=\"http:\/\/www.omersinfrastructure.com\">OMERS Infrastructure,<\/a> has announced the financial close of the Gnarwarre Battery Energy Storage System (BESS) project, with a capacity of 250\u202fMW\/500\u202fMWh, located in the state of Victoria. The project is financed under the portfolio financing facility closed by FRV Australia in July 2024. With the addition of this new project, FRV Australia\u2019s portfolio will reach a total installed capacity of approximately 1.4\u202fGW once completed.<\/p>\n<p>&nbsp;<\/p>\n<p>Gnarwarre represents a strategic milestone in FRV Australia&#8217;s commitment to large-scale storage solutions, critical for grid stability and supporting Australia\u2019s clean energy transition and will count with grid forming inverters. It is FRV Australia\u2019s largest BESS project to date, following the Terang 100MW\/200MWh BESS currently under construction.<\/p>\n<p>&nbsp;<\/p>\n<p>The project financing has been provided by a syndicate of 5 financial institutions: Westpac Banking Corporation, United Overseas Bank and Intesa Sanpaolo, already part of the existing portfolio facility, and two new lenders to the portfolio, KfW IPEX-Bank and Export Development Canada. The Clean Energy Finance Corporation, a member of the original lending group, also offered support to the project from the start of the financing process, stepping aside once it had attracted sufficient financing. White &amp; Case acted as legal adviser for FRV Australia and Allens for the lenders.<\/p>\n<p><img decoding=\"async\" class=\"sh-imagefull aligncenter wp-image-21173 size-full\" src=\"https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1072\" srcset=\"https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-scaled.jpg 2560w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-300x126.jpg 300w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-1024x429.jpg 1024w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-768x322.jpg 768w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-1536x643.jpg 1536w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-2048x857.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p>The project has also received support from ARENA (the Australian Renewable Energy Agency), which awarded a AU$15 million grant under its Large-Scale Battery Storage Funding Round. This funding will enable the integration of grid-forming inverter technology, allowing the battery to provide critical system stability services traditionally delivered by synchronous generation such as coal and gas. FRV Australia thanks ARENA for its continued support in advancing grid-scale storage solutions and accelerating the energy transition.<\/p>\n<p>&nbsp;<\/p>\n                <div class=\"sh-quote\">\n                    <div class=\"sh-quote-content\">\n                        \u201cThe financial close of Gnarwarre is a major step for FRV Australia as we expand our battery storage projects and strengthen our position as a leader in renewable energy in Australia. Large-scale storage like this is essential to provide firming capacity that supports a reliable and clean energy system. This project also helps the State of Victoria reach its ambitious renewable energy and net-zero targets. I want to thank our existing and new lenders and ARENA for playing a key role in making this possible.                    <\/div>\n                                            <div class=\"sh-quote-name\">\n                            Carlo Frigerio                        <\/div>\n                                                                <div class=\"sh-quote-position\">\n                            CEO of FRV Australia                        <\/div>\n                                    <\/div>\n            \n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>With this milestone, FRV Australia continues to grow its integrated portfolio of generation and storage projects to help build a more resilient and sustainable grid. The company now operates nine PV facilities across Australia and New Zealand, surpassing 1\u202fGW of capacity, and is delivering two large-scale BESS projects totalling 350\u202fMW.<\/p>\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FRV Australia has reached financial close of the Gnarwarre storage project in Victoria, with a capacity of 250\u202fMW\/500 The project is financed under FRV Australia\u2019s portfolio facility closed in July 2024, bringing the total installed solar and storage capacity to approximately 1.4\u202fGW. &nbsp; Sydney, Australia, 4th August 2025 Fotowatio Renewable Ventures (FRV) Australia, a leading\u2026<\/p>\n","protected":false},"author":9,"featured_media":21173,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,4,6],"tags":[2,47,109],"class_list":["post-21172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-press-releases","category-projects","tag-australia","tag-bess","tag-gnarwarre"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FRV Australia completes financial close of Gnarwarre<\/title>\n<meta name=\"description\" content=\"FRV Australia completes financial close of the 250MW\/500 MWh Gnarwarre battery project.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Beltr\u00e1n"},"url":"https:\/\/frv.com\/en\/author\/guillermo-agullofrv-com\/"}]}},"search_content":"<p><\/p>\n<ul>\n<li>FRV Australia has reached financial close of the Gnarwarre storage project in Victoria, with a capacity of 250\u202fMW\/500<\/li>\n<li>The project is financed under FRV Australia\u2019s portfolio facility closed in July 2024, bringing the total installed solar and storage capacity to approximately 1.4\u202fGW.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Sydney, Australia, 4th August 2025<\/strong><\/p>\n<p><a href=\"https:\/\/frv.com\/en\/\">Fotowatio Renewable Ventures (FRV) Australia,<\/a> a leading developer of sustainable energy solutions, and part of <a href=\"https:\/\/alj.com\/en\/energy-and-environmental-services\/energy-overview\/\">Jameel Energy<\/a> and <a href=\"http:\/\/www.omersinfrastructure.com\">OMERS Infrastructure,<\/a> has announced the financial close of the Gnarwarre Battery Energy Storage System (BESS) project, with a capacity of 250\u202fMW\/500\u202fMWh, located in the state of Victoria. The project is financed under the portfolio financing facility closed by FRV Australia in July 2024. With the addition of this new project, FRV Australia\u2019s portfolio will reach a total installed capacity of approximately 1.4\u202fGW once completed.<\/p>\n<p>&nbsp;<\/p>\n<p>Gnarwarre represents a strategic milestone in FRV Australia&#8217;s commitment to large-scale storage solutions, critical for grid stability and supporting Australia\u2019s clean energy transition and will count with grid forming inverters. It is FRV Australia\u2019s largest BESS project to date, following the Terang 100MW\/200MWh BESS currently under construction.<\/p>\n<p>&nbsp;<\/p>\n<p>The project financing has been provided by a syndicate of 5 financial institutions: Westpac Banking Corporation, United Overseas Bank and Intesa Sanpaolo, already part of the existing portfolio facility, and two new lenders to the portfolio, KfW IPEX-Bank and Export Development Canada. The Clean Energy Finance Corporation, a member of the original lending group, also offered support to the project from the start of the financing process, stepping aside once it had attracted sufficient financing. White &amp; Case acted as legal adviser for FRV Australia and Allens for the lenders.<\/p>\n<p><img decoding=\"async\" class=\"sh-imagefull aligncenter wp-image-21173 size-full\" src=\"https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1072\" srcset=\"https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-scaled.jpg 2560w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-300x126.jpg 300w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-1024x429.jpg 1024w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-768x322.jpg 768w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-1536x643.jpg 1536w, https:\/\/frv.com\/wp-content\/uploads\/2025\/08\/Gnarwarre-2048x857.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p>The project has also received support from ARENA (the Australian Renewable Energy Agency), which awarded a AU$15 million grant under its Large-Scale Battery Storage Funding Round. This funding will enable the integration of grid-forming inverter technology, allowing the battery to provide critical system stability services traditionally delivered by synchronous generation such as coal and gas. FRV Australia thanks ARENA for its continued support in advancing grid-scale storage solutions and accelerating the energy transition.<\/p>\n<p>&nbsp;<\/p>\n                <div class=\"sh-quote\">\n                    <div class=\"sh-quote-content\">\n                        \u201cThe financial close of Gnarwarre is a major step for FRV Australia as we expand our battery storage projects and strengthen our position as a leader in renewable energy in Australia. Large-scale storage like this is essential to provide firming capacity that supports a reliable and clean energy system. This project also helps the State of Victoria reach its ambitious renewable energy and net-zero targets. I want to thank our existing and new lenders and ARENA for playing a key role in making this possible.                    <\/div>\n                                            <div class=\"sh-quote-name\">\n                            Carlo Frigerio                        <\/div>\n                                                                <div class=\"sh-quote-position\">\n                            CEO of FRV Australia                        <\/div>\n                                    <\/div>\n            \n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>With this milestone, FRV Australia continues to grow its integrated portfolio of generation and storage projects to help build a more resilient and sustainable grid. The company now operates nine PV facilities across Australia and New Zealand, surpassing 1\u202fGW of capacity, and is delivering two large-scale BESS projects totalling 350\u202fMW.<\/p>\n\n<p>&nbsp;<\/p>\n","search_term":"","_links":{"self":[{"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/posts\/21172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/comments?post=21172"}],"version-history":[{"count":2,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/posts\/21172\/revisions"}],"predecessor-version":[{"id":21177,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/posts\/21172\/revisions\/21177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/media\/21173"}],"wp:attachment":[{"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/media?parent=21172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/categories?post=21172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/tags?post=21172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}