Fotowatio Renewable Ventures (FRV) Australia has announced the financial close of its 250MW/500MWh Gnarwarre Battery Energy Storage System (BESS) project, to be located in Victoria.
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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 1.4GW 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 five financial institutions. It has also received support from ARENA, which awarded a $15 million grant under its Large-Scale Battery Storage Funding Round. This funding will enable the integration of grid-forming inverter technology, allowing the battery to provide critical system stability services traditionally delivered by synchronous generation such as coal and gas.
“The financial close of Gnarwarre is a major step for FRV Australia as we expand our battery storage projects and strengthen our position as a leader in renewable energy in Australia,” FRV Australia managing director Carlo Frigerio said.
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“Large-scale storage like this is essential to provide firming capacity that supports a reliable and clean energy system. This project also helps Victoria reach its ambitious renewable energy and net-zero targets. I want to thank our existing and new lenders and ARENA for playing a key role in making this possible.”
