Fotowatio Renewable Ventures (FRV) Australia, part of Jameel Energy and Canadian infrastructure fund OMERS, has announced the acquisition of the 190MW Axedale solar and storage project in Victoria, Australia.
The Axedale project will have a generation capacity of 140MW of solar PV and a 50MW/100MWh battery storage system, capable of operating for two hours.
This facility will provide clean renewable energy to approximately 80,000 homes in Victoria, with an estimated annual production of 369,459MWh.
The Axedale project is in the final stages of obtaining permits and, in December last year, signed a connection agreement with AusNet and AEMO.
The firm Baker & McKenzie advised FRV on the acquisition, which was completed without external financing. The project was acquired from ACEN Australia, a leading developer, owner and operator of renewable energy in the country.
Carlo Frigerio, chief executive of FRV Australia, said: “The acquisition of Axedale reinforces our commitment to the development of innovative projects that combine renewable energy and storage, key elements to ensure grid stability and move towards a cleaner and more efficient energy system.
“We are proud to contribute to Australia’s leadership in renewable energy.”
With this addition, FRV Australia will operate eight plants with a combined capacity of almost 1GW and establish itself as a key player in the transition to a sustainable future.
The company continues to hybridise its portfolio and expand its capabilities in battery energy storage, with projects such as Terang and Gnarwarre, two large-scale storage systems in Victoria, currently under construction and initial works, respectively.
