Federation acquires majority stake in Riverina batteries

Artist's impression of Edify's Riverina BESS (Federation)
Artist's impression of Edify's Riverina BESS (Image: Edify Energy)

Federation Asset Management has agreed to acquire from Edify Energy a majority interest in the co-located Riverina and Darlington Point Battery Energy Storage Systems, which total to a combined 150MW/300MWh battery system. 

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Edify will retain a minority interest in the projects.

Riverina BESS will be the seed asset for the Sustainable Australian Real Asset fund (SARA), a pure play Australian energy transition fund managed by Federation.

Edify will manage the construction and commissioning of the Riverina Battery Projects and will act as asset manager for the project throughout its operational life.

Edify chief executive John Cole said, “Edify is excited to be partnering with Federation on the delivery of the Riverina Battery Projects, with our shared view that battery energy storage is vital to advancing the dispatchability and resilience of a renewable power system.

“The Edify team acutely understands the need for, and functionality of, crucial inverter-based power system infrastructure. We look forward to the successful delivery of the Riverina Battery Project into commercial operation.”

Federation co-founded and head of renewable energy Stephen Panizza said, “Battery energy storage capacity is critical to accelerating energy transition in the National Electricity Market, and supporting the electricity grid. Federation is delighted to be working with a developer of Edify‚Äôs calibre to deliver the Riverina Battery Projects.

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“Battery energy storage is an excellent asset class, and the Riverina Battery Projects are quality projects; both technically with the Tesla Megapack, and financially via long-term offtake contracts with strong counterparties in Energy Australia and Shell Energy.”

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