FRV Australia has achieved financial close on the 250MW/500MWh Gnarwarre battery energy storage project in Victoria.
The facility, the company’s largest to date, will use grid-forming inverters to provide stability services traditionally delivered by synchronous generation.
It follows the 100MW/200MWh Terang battery currently under construction and takes FRV Australia’s total installed solar and storage capacity to around 1.4GW once complete.
Financing was secured through a syndicate comprising Westpac Banking Corporation, United Overseas Bank, Intesa Sanpaolo, KfW IPEX-Bank and Export Development Canada. The project also received a A$15m grant from the Australian Renewable Energy Agency.
FRV Australia managing director Carlo Frigerio said: “Large-scale storage like this is essential to provide backup capacity that supports a reliable and clean energy system. This project also contributes to the state of Victoria achieving its ambitious renewable energy and net-zero emissions targets.”
The company operates nine PV projects in Australia and New Zealand totalling over 1GW and is developing two large-scale batteries with a combined capacity of 350MW.