The project secured connection agreements with AusNet in 2024 and, according to FRV Australia, is situated in a “strategic location on the electricity grid”.
During the development of the Terang BESS, FRV Australia expects that the project will generate up to 150 jobs during the construction phase and hire three to four permanent operational staff. Additionally, FRV Australia said it will provide site maintenance contracts to local businesses.
Carlo Frigerio, CEO of FRV Australia, said that getting the company’s first large-scale standalone BESS to financial close represents a “major achievement” for FRV Australia.
“This project shows our commitment to different renewable energy technologies and strengthens our place in the renewable energy sector. It paves the way for future innovations and growth in our portfolio,” Frigerio said.
FRV Australia closes refinancing deal to aid expansion
The project, which will be aided by the financial close of an AUS$1.2 billion (US$780 million) refinancing facility announced last week (31 July), will provide additional stability to the national electricity market (NEM) as further variable renewable energy generation technologies are added.
According to FRV, the refinancing ensures robust financial support for the construction of the Terang BESS and other future projects, enhancing FRV Australia’s ability to continue operating in the Australian renewable energy sector.
Eleven financial institutions participated in the refinancing process, including ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, the Clean Energy Finance Corporation, China Construction Bank, and the Agricultural Bank of China.
FRV Australia, a subsidiary of Jameel Energy and the Canadian infrastructure fund OMERS, announced that the funding will currently support all solar PV plants in its portfolio and lay the groundwork for further expansion in the Australian market.
It is worth noting that, at the beginning of July 2024, FRV Australia turned its first solar-plus-storage project online: the Dalby, Queensland project. The site comprises a 2.45MWdc solar PV plant and a co-located 2.54MW/5MWh BESS.
The project’s engineering, procurement and construction (EPC) work was carried out by Spanish company Gransolar.