Energy storage firm Energy Vault has executed an agreement to acquire the 125MW/1,000MWh Stoney Creek Battery Energy Storage System (BESS) from Australian project developer Enervest Group.
With a construction value of $350 million, Stoney Creek BESS has been awarded a 14- year Long-Term Energy Service Agreement (LTESA) by AEMO Services under the New South Wales (NSW) Roadmap Tender Round 5 for Long Duration Storage.
Related article: Energy Vault inks deal for 1GWh Stoney Creek Battery
Stoney Creek BESS has been designed to deliver eight hours of dispatchable energy, reinforcing grid stability and facilitating the integration of renewable generation in New South Wales.
As part of owning and operating the project, Energy Vault will develop and integrate the project, utilising its VaultOS energy management system (EMS) platform and B-Vault system architecture to optimize performance, market participation, and long-term asset management.
As part of this transition, Enervest will continue to provide the project development services and stakeholder engagement, ensuring a smooth progression toward financial close.
“The acquisition of Stoney Creek marks a significant milestone for Energy Vault in Australia, as well as an acceleration of our global ‘Own & Operate’ growth strategy, designed to deliver sustainable, long-term revenue streams with high cash flow generation,” Energy Vault chair and CEO Robert Piconi said.
“With the strong foundation established by Enervest, we are now accelerating this critical project under the LTESA structure to deliver long-duration storage that enhances grid resilience and supports Australia’s clean energy transition. We look forward to delivering long-term benefits to NSW’s electricity market and consumers for many years to come.”
Related article: Energy Vault starts work on ACEN’s New England BESS
The acquisition adds to Energy Vault’s presence in Australia’s rapidly growing energy storage sector, complementing its existing 2.6GWh portfolio.
The company has recently announced a series of agreements for projects in the Australian market, including with ACEN Australia and the Victorian government-owned State Electricity Commission (SEC).
