Federation Asset Management Pty Ltd (Federation) today announced that it has agreed to acquire from Edify Energy (Edify) a majority interest in the co-located Riverina and Darlington Point Battery Energy Storage Systems (Riverina Battery Projects), which total to a combined 150MW / 300MWh battery system. Edify will retain a minority interest in the projects.
Riverina BESS will be the seed asset for the Sustainable Australian Real Asset fund (SARA), a pure play Australian energy transition fund managed by Federation.
Edify will manage the construction and commissioning of the Riverina Battery Projects and will act as asset manager for the project throughout its operational life.
John Cole, Chief Executive at Edify, said:
Edify is excited to be partnering with Federation on the delivery of the Riverina Battery Projects, with our shared view that battery energy storage is vital to advancing the dispatchability and resilience of a renewable power system.
The Edify team acutely understands the need for, and functionality of, crucial inverter-based power system infrastructure. We look forward to the successful delivery of the Riverina Battery Project into commercial operation.
Stephen Panizza, co-founder and head of renewable energy at Federation said:
Battery energy storage capacity is critical to accelerating energy transition in the National Electricity Market, and supporting the electricity grid. Federation is delighted to be working with a developer of Edify’s calibre to deliver the Riverina Battery Projects.
Battery energy storage is an excellent asset class, and the Riverina Battery Projects are quality projects; both technically with the Tesla Megapack, and financially via long term offtake contracts with strong counterparties in Energy Australia and Shell Energy.
About Riverina BESS
Federation and Edify Energy are partnering to deliver three independent projects totalling a combined 150MW / 300MWh of Tesla Megapack lithium-ion batteries located in the Murrumbidgee Shire near Darlington Point, NSW.
The projects will connect into Transgrid’s network at the Darlington Point Substation. These Megapack systems will serve to add more flexible, dispatchable capacity to the NSW market and will complement the significant presence of renewable generation in the region.
Due for completion during the summer of 2023/24 and developed on traditional lands of Wiradjuri Country, the Darlington Point and Riverina Battery Energy Storage Systems have the potential to power more than 46,000 homes for two hours of peak demand before being recharged.
To read more about the Riverina and Darlington Point Battery Storage project head here
Download a PDF of the press release below