• FRV Australia has reached financial close of the Gnarwarre storage project in Victoria, with a capacity of 250 MW/500
• The project is financed under FRV Australia’s portfolio facility closed in July 2024, bringing the total installed solar and storage capacity to approximately 1.4 GW.

Fotowatio Renewable Ventures (FRV) Australia, a leading developer of sustainable energy solutions, and part of Jameel Energy and OMERS Infrastructure, has announced the financial close of the Gnarwarre Battery Energy Storage System (BESS) project, with a capacity of 250 MW/500 MWh, located in the state of Victoria. The project is financed under the portfolio financing facility closed by FRV Australia in July 2024. With the addition of this new project, FRV Australia’s portfolio will reach a total installed capacity of approximately 1.4 GW once completed.

Gnarwarre represents a strategic milestone in FRV Australia’s commitment to large-scale storage solutions, critical for grid stability and supporting Australia’s clean energy transition and will count with grid forming inverters. It is FRV Australia’s largest BESS project to date, following the Terang 100MW/200MWh BESS currently under construction.

The project financing has been provided by a syndicate of 5 financial institutions: Westpac Banking Corporation, United Overseas Bank and Intesa Sanpaolo, already part of the existing portfolio facility, and two new lenders to the portfolio, KfW IPEX-Bank and Export Development Canada. The Clean Energy Finance Corporation, a member of the original lending group, also offered support to the project from the start of the financing process, stepping aside once it had attracted sufficient financing. White & Case acted as legal adviser for FRV Australia and Allens for the lenders.