GSEO buys two solar storage sites in Australia

Solar farm with beautiful sunset and tree in background (GSEO australia)
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VH Global Sustainable Energy Opportunities (GSEO) has agreed to acquire and build two solar and storage hybrid sites in Australia for AUD$32.6 million.

The two fully-permitted 4.95MW solar PV sites with co-located battery energy storage systems (BESS) are in New South Wales, bringing the total capacity in Australia to 37MW/60MWh, across seven assets.

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The construction of these two hybrid sites is expected to begin in Q2 2024, with completion expected in early 2025.

GSEO says the investment is part of its Australian solar PV and storage investment program totalling AUD $112.93 million.

Once fully operational, the portfolio is expected to combine merchant sales, frequency stability services revenues, long-term offtake contracts and sales of large-scale generation (green) certificates.

Birdwood Energy, GSEO’s existing Australian operating partner, will serve as operating partner for these two additional sites. Birdwood Energy is an Australian specialist developer and manager in the renewable sector, with more than 25 years’ experience in battery storage and renewable power generation development and operation.

Victory Hill Capital Partners co-CIO Richard Lum said, “We continue to make progress with the continued build out of our Australian solar and energy storage hybrid programme. Once operational, these assets will play a meaningful role in providing needed renewable generation into the Australian energy system, as well as helping the system on its transition pathway to net zero.

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“Furthermore, investors are offered a means to access interesting market pricing margins in a risk adjusted way, given we aim to hedge half of all production. We believe that the Australian market continues to offer excellent opportunities to support this ongoing transition towards net zero.”

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