Sustainable energy developer Fotowatio Renewable Ventures (FRV) Australia has announced the financial close and commencement of construction of the Terang Battery Energy Storage System (BESS) project in Victoria.
Related article: FRV Australia secures $1.2B refinancing of solar portfolio
The 100MW/200MWh Terang BESS is financed under FRV Australia’s recent AUD$1.2 billion portfolio refinancing facility.
The refinancing process included 11 financial institutions, which are now also supporting the funding of Terang: ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank Girozentrale, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, Clean Energy Finance Corporation, China Construction Bank, and Agricultural Bank of China.
The project will also receive AUD$7 million in funding to support the installation of new grid forming inverters, awarded under round two of the Victoria Government’s Energy Innovation Fund (EIF) to help continue the Victorian Government’s drive to a renewable energy target of 50% by 2030.
Located 2km north-east of Terang’s centre and approximately 40km north of Warrnambool, the BESS will connect to the NEM and be built on the traditional land of the Eastern Maar people.
Related article: FRV’s first hybrid solar-plus-storage project goes live
FRV Australia has appointed Canadian Solar‘s e-STORAGE for the construction and signed a connection agreement with AusNet in 2024.
