Ashurst has advised leading renewable energy company Edify Energy and the project consortium on the development of a battery storage system to be connected to the large-scale Gannawarra Solar Farm in Victoria (the Gannawarra Energy Storage System), which upon completion will be one of the largest integrated solar and battery facilities in the world (and the largest in Australia).
Supported by the Victorian Government’s Energy Storage Initiative, the Gannawarra Energy Storage System integrates a 25MW/50MWh Tesla Powerpack battery with the 50MW Gannawarra Solar Farm in order to enhance the security and reliability of electricity to the grid in Victoria.
The financing was underpinned by a long-term agreement with EnergyAustralia, who will operate the battery facility in conjunction with its offtake from the Gannawarra Solar Farm. This is a first-of-its-kind long-term commercial services agreement with EnergyAustralia, which provides a bankable commercial model for future retrofit and combined renewable and storage facilities.
Together with the Australian Renewable Energy Agency, the Victorian Government Department of Environment, Land, Water and Planning is also supporting the project with A$25 million in grant funding.
The Gannawarra Energy Storage System was developed by Edify Energy and was equity financed by Edify Energy and its equity partner, Wirsol Energy.
The timing of the announcement of this project coincides with the Gannawarra Solar Farm providing its first electricity into the grid, which is another milestone for Victorian electricity consumers.
Ashurst acted on the deal with a team led by partner Paul Newman (Utilities, in picture), assisted by partner Tanya Denning, counsel Teresa Scott, senior associate Dale Gill and lawyers Tristan Shepherd, Tim Rankin and Eliza Brierley (Corporate Projects – Utilities); partner Mark Disney, senior associates Laura van den Berg and Melissa Molloy with lawyer Craig Sherritt (Infrastructure); senior associate Carol Kahler and lawyer Michelle Tesch (Real Estate); and counsel Emma Butler and senior associate Caroline Hogan (IP).
Involved fees earner: Paul Newman – Ashurst; Tanya Denning – Ashurst; Teresa Scott – Ashurst; Dale Gill – Ashurst; Tristan Shepherd – Ashurst; Tim Rankin – Ashurst; Eliza Brierley – Ashurst; Mark Disney – Ashurst; Laura van den Berg – Ashurst; Melissa Molloy – Ashurst; Craig Sherritt – Ashurst; Carol Kahler – Ashurst; Michelle Tesch – Ashurst; Emma Butler – Ashurst; Caroline Hogan – Ashurst;
Law Firms: Ashurst;
Clients: Edify Energy Pty Ltd;