Valent Energy reveals $2B battery storage plans in Australia

Rendered image of Maoneng's Mornington BESS
Image: Mornington BESS

Private equity firm Gaw Capital Partners and global investor BW ESS yesterday announced the establishment of Valent Energy—an investment platform in Australia with over 1.6GW of utility-scale battery projects, including three in Victoria and New South Wales that are fully approved and ready-to-build.

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Gaw Capital and BW ESS will pool their resources in Valent Energy, commit and arrange capital of over $2 billion to build the BESS projects, as well as develop and grow its captive pipeline of development assets.

At this time, Valent Energy’s portfolio consists of seven batteries and one solar PV farm project, of which three batteries, the 240MW Mornington BESS, 250MW Pine Lodge BESS and 120MW Apsley BESS, have secured both development and connection approvals and are finalising contracting to commence construction, with three other projects expected to secure connection approvals early next year.

The venture business is headed by former Clean Energy Finance Corporation CEO Oliver Yates.

“With the rollout of substantial government policy to support battery projects, and the record periods of negative prices during daytime solar floods, the moment could not be a timelier for Valent to build large-scale batteries,” Yates said.

In addition to Valent Energy, BW ESS has built a portfolio of over 1.5GW of battery energy storage (BESS) projects in the UK and Nordic countries, of which over 400MWh are under construction.

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Gaw Capital Partners is a private equity firm and asset manager with US$33.7 billion under management. Although primarily focused on real estate, it has recently diversified into various climate tech and renewable energy related investments, including the acquisition of GMR Energy, a developer of BESS projects across several states in Australia.

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