FRV Australia Reaches Financial Close for the 100MW/200MWh Terang Large Scale Battery Project
- The Terang BESS is FRV Australia’s first Large Scale Battery project and will increase its operational assets in Australia to nine.
- The financing of Terang BESS is part of the AUD$ 1.2bn portfolio refinancing process recently completed by FRV Australia, including 11 financial institutions.
- The project will support the Victorian Government’s drive to a renewable energy target of 50% by 2030 and will boost the local economy by creating up to 150 construction jobs and increasing investment in local services.
Sydney, NSW, Australia, August 7th, 2024
Fotowatio Renewable Ventures (FRV) Australia, a leading developer of sustainable energy solutions, and part of Jameel Energy and the Canadian infrastructure fund OMERS, has announced the financial close and commencement of construction of the Terang Battery Energy Storage System (BESS) project. This marks a significant milestone in FRV Australia’s commitment to advancing various renewable energy infrastructure technologies.
The Terang BESS, a 100MW/200MWh large-scale battery project located in the state of Victoria, is financed under FRV Australia’s recent AUD$ 1.2bn portfolio refinancing facility. This refinancing ensures robust financial support for the construction of the Terang BESS and other future projects, enhancing FRV Australia’s ability to lead in the Australian renewable energy sector.
The refinancing process included 11 financial institutions, which are now also supporting the funding of Terang: ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank Girozentrale, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, Clean Energy Finance Corporation, China Construction Bank, and Agricultural Bank of China.
The project will also receive AUD$ 7m in funding to support the installation of new grid forming inverters, awarded under round two of the Victoria Government’s Energy Innovation Fund (EIF) to help continue the Victorian Government’s drive to a renewable energy target of 50% by 2030.
Located two kilometers north-east of Terang’s centre and approximately 40 kilometers north of Warrnambool, the BESS will have a capacity of 100MW/200MWh. It will connect to the national electricity grid and be built on the traditional land of the proud Eastern Maar people.
The project is not far from another potential FRV Australia battery, the 250MW/500MWh Gnarwarre BESS project, located in the southwest region of Victoria, which received conditional funding under ARENA’s Large Scale Battery Storage Round and is also planned to start construction soon.
The Terang BESS project will significantly contribute to economic development in the southwest region of Victoria. FRV Australia anticipates the project will create up to 150 jobs during the construction phase and will employ three to four permanent operational staff. FRV Australia will also award site maintenance contracts to local businesses.
FRV Australia has appointed Canadian Solar’s e-STORAGE for the construction, leveraging their expertise in delivering high-quality battery storage solutions. The project signed the connection agreements with AusNet in 2024 and is located in a strong and strategic part of the electricity grid.
