May 12, 2023: Federation Asset Management and Edify Energy said on May 10 they had completed construction of a BESS in Australia that will be able to power 240,000 homes for two hours at peak demand via the National Electricity Market.
The Riverina and Darlington Point project in New South Wales has a 150MW/300MWh system that uses Tesla Megapack batteries.
The facility consists of three independent but co-located units with 100% of the energy output pre-sold for 10 years to Shell Energy and EnergyAustralia.
The companies said the Australian Renewable Energy Agency and New South Wales have jointly provided A$13.1 million ($8.8 million) in funding under the emerging energy program to support next generation, dispatchable large-scale energy and storage projects like this one — and in particular, to support the project’s use of advanced inverters to increase hosting capacity in the region.
Sydney-based Federation Asset management, a fund manager specialising in private equity assets in the energy transition and social infrastructure sectors, has a 90% interest in the project.
The battery was developed and will be operated by Edify who also owns the balancing 10% equity.
Stephen Panizza, founder and co-head of renewable energy at Federation Asset Management said: “Battery energy storage is vital to advancing the dispatchability and resilience of an expanding renewable power system which is critical to Australia meeting its legislated emission targets.
“The battery is positioned in a region rich with sustainable energy potential and connects to the National Electricity Market at Transgrid’s Darlington Point substation.”
Photo: Stephen Panizza, Federation Asset Management partner (left) and John Cole, chief executive of Edify Energy.