The BESS’ location will allow it to leverage new clean energy generation facilities being developed in Victoria’s state-designated South-West Renewable Energy Zone (REZ) V4 region, where it also sits. That will be one of six REZ developments planned in the state. Battery storage is expected to enable REZ developments to maximise their usable energy output.
Origin Energy confirmed its intention to go through with the project in early 2024 when it committed to investing AU$400 million (US$263.7 million) into it and announced the appointment of Fluence as BESS technology supplier. Fluence’s Nispera asset management software will optimise its market participation.
The Mortlake BESS is expected to be commissioned late in 2026. It will support further renewable energy project developments by charging during the day when renewable energy sources like wind and solar generation are plentiful and discharging into the grid during peak periods.
Earlier this year, the Australian Renewable Energy Agency (ARENA) said it would allocate up to AU$24 million towards the total cost of the Mortlake BESS via its Large Scale Battery Storage Funding Round, which opened in 2022.
Origin to expand Eraring BESS project in New South Wales
Origin Energy has been busy in the Australian BESS market in recent months. In July, the organisation confirmed that it had approved the second stage of the Eraring battery energy storage project in New South Wales, which would see an additional 240MW/1030MWh grid-forming BESS built.
Adding this to the site’s existing 460MW/1073MWh 2-hour duration BESS currently under construction would bring the project’s cumulative capacity to over 2GWh.
Stage 1 of the Eraring project is expected to cost around AU$600 million and be delivered by the BESS arm of Finnish marine and energy technology company Wärtsilä, via an engineering equipment delivery (EED) contract with Origin. It is expected to come online at the end of 2025.
Origin has already signed equipment supply and construction agreements for Stage 2 of the project. Wärtsilä has again been employed to deliver the battery equipment, with Enerven Energy Infrastructure providing design and construction services. Construction will begin in early 2025 and be completed in Q1 of 2027.

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It also updated on the asset sale, which was first announced in May. HEIT had scrapped its first quarter dividend and said the fund’s stock was being undervalued by markets, leading to its decision to appoint asset manager JLL to sell some, or all, of its portfolio.
HEIT said the sale process “is progressing” and that prospective bidders have shown “strong” interest. The group claimed indicative non-binding offers are expected to be received within the next month or so.
HEIT’s portfolio includes two of the biggest BESS projects in Europe, Pillswood and Bumpers, equally sized at 98MW/196MWh each. The eight project portfolio totals 395.4MW output to 790MWh capacity (all 2-hour duration assets), of which 79% (312.5MW/625MWh) is operational.
HEIT’s NAV fell slightly (-1.4%) to £215.43 million versus the £218.53 million reported as of the end of April. The latest NAV was equivalent to 94.84p per ordinary share, down by 1.37p per ordinary share since the previous reported period.
A negative mark-to-market valuation of a HEIT interest rate swap impacted the NAV, although the impact was partly offset by the energisation of the group’s 35MW/70MWh Rusholme project in Yorkshire during the period, which has now commenced trading.
Revenues for BESS assets on the grid in Great Britain (GB) have seen a downturn in the past year or so, based largely on market saturation for ancillary services. HEIT’s fellow UK-listed BESS investment funds, Gresham House Energy Storage Fund and Gore Street Capital have both reported challenges over 2024.
At the end of June, in reporting its half-year for the period up to the end of April, HEIT said that “the worst is behind us and better, more profitable times lie ahead,” as it prepared to put three more income-generating assets into action.
However, for the three months ending 31 July, HEIT said lower wholesale market spreads meant revenues were at an average of £45.3k/MW/year, and said decreased wind generation on the GB grid during July in particular impacted BESS revenues across the market.
Low wind was coupled with low gas and carbon prices, reducing average monthly wholesale price spreads to 28% lower for July than June, while the lack of opportunity in the wholesale market drove higher competition for ancillary services, in turn lowering prices for those markets too.
There were some positives looking ahead, HEIT said. The trust welcomed the Labour government’s focus on renewables, as well as National Grid ESO’s recent publication of the Future Energy Scenarios (FES) 2024 document that emphasised the need for continued BESS buildout to support the electricity system.
While low wind production meant lower spreads and therefore lower revenues in July, August is already seeing higher levels of solar PV and wind on the grid, which HEIT said correlated with a marked improvement in revenues. It estimated that month-to-date revenues for August averaged £67.2k/MW/year in its portfolio.
To read the full version of this story, visit Solar Power Portal.

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It also updated on the asset sale, which was first announced in May. HEIT had scrapped its first quarter dividend and said the fund’s stock was being undervalued by markets, leading to its decision to appoint asset manager JLL to sell some, or all, of its portfolio.
HEIT said the sale process “is progressing” and that prospective bidders have shown “strong” interest. The group claimed indicative non-binding offers are expected to be received within the next month or so.
HEIT’s portfolio includes two of the biggest BESS projects in Europe, Pillswood and Bumpers, equally sized at 98MW/196MWh each. The eight project portfolio totals 395.4MW output to 790MWh capacity (all 2-hour duration assets), of which 79% (312.5MW/625MWh) is operational.
HEIT’s NAV fell slightly (-1.4%) to £215.43 million versus the £218.53 million reported as of the end of April. The latest NAV was equivalent to 94.84p per ordinary share, down by 1.37p per ordinary share since the previous reported period.
A negative mark-to-market valuation of a HEIT interest rate swap impacted the NAV, although the impact was partly offset by the energisation of the group’s 35MW/70MWh Rusholme project in Yorkshire during the period, which has now commenced trading.
Revenues for BESS assets on the grid in Great Britain (GB) have seen a downturn in the past year or so, based largely on market saturation for ancillary services. HEIT’s fellow UK-listed BESS investment funds, Gresham House Energy Storage Fund and Gore Street Capital have both reported challenges over 2024.
At the end of June, in reporting its half-year for the period up to the end of April, HEIT said that “the worst is behind us and better, more profitable times lie ahead,” as it prepared to put three more income-generating assets into action.
However, for the three months ending 31 July, HEIT said lower wholesale market spreads meant revenues were at an average of £45.3k/MW/year, and said decreased wind generation on the GB grid during July in particular impacted BESS revenues across the market.
Low wind was coupled with low gas and carbon prices, reducing average monthly wholesale price spreads to 28% lower for July than June, while the lack of opportunity in the wholesale market drove higher competition for ancillary services, in turn lowering prices for those markets too.
There were some positives looking ahead, HEIT said. The trust welcomed the Labour government’s focus on renewables, as well as National Grid ESO’s recent publication of the Future Energy Scenarios (FES) 2024 document that emphasised the need for continued BESS buildout to support the electricity system.
While low wind production meant lower spreads and therefore lower revenues in July, August is already seeing higher levels of solar PV and wind on the grid, which HEIT said correlated with a marked improvement in revenues. It estimated that month-to-date revenues for August averaged £67.2k/MW/year in its portfolio.
To read the full version of this story, visit Solar Power Portal.

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It also updated on the asset sale, which was first announced in May. HEIT had scrapped its first quarter dividend and said the fund’s stock was being undervalued by markets, leading to its decision to appoint asset manager JLL to sell some, or all, of its portfolio.
HEIT said the sale process “is progressing” and that prospective bidders have shown “strong” interest. The group claimed indicative non-binding offers are expected to be received within the next month or so.
HEIT’s portfolio includes two of the biggest BESS projects in Europe, Pillswood and Bumpers, equally sized at 98MW/196MWh each. The eight project portfolio totals 395.4MW output to 790MWh capacity (all 2-hour duration assets), of which 79% (312.5MW/625MWh) is operational.
HEIT’s NAV fell slightly (-1.4%) to £215.43 million versus the £218.53 million reported as of the end of April. The latest NAV was equivalent to 94.84p per ordinary share, down by 1.37p per ordinary share since the previous reported period.
A negative mark-to-market valuation of a HEIT interest rate swap impacted the NAV, although the impact was partly offset by the energisation of the group’s 35MW/70MWh Rusholme project in Yorkshire during the period, which has now commenced trading.
Revenues for BESS assets on the grid in Great Britain (GB) have seen a downturn in the past year or so, based largely on market saturation for ancillary services. HEIT’s fellow UK-listed BESS investment funds, Gresham House Energy Storage Fund and Gore Street Capital have both reported challenges over 2024.
At the end of June, in reporting its half-year for the period up to the end of April, HEIT said that “the worst is behind us and better, more profitable times lie ahead,” as it prepared to put three more income-generating assets into action.
However, for the three months ending 31 July, HEIT said lower wholesale market spreads meant revenues were at an average of £45.3k/MW/year, and said decreased wind generation on the GB grid during July in particular impacted BESS revenues across the market.
Low wind was coupled with low gas and carbon prices, reducing average monthly wholesale price spreads to 28% lower for July than June, while the lack of opportunity in the wholesale market drove higher competition for ancillary services, in turn lowering prices for those markets too.
There were some positives looking ahead, HEIT said. The trust welcomed the Labour government’s focus on renewables, as well as National Grid ESO’s recent publication of the Future Energy Scenarios (FES) 2024 document that emphasised the need for continued BESS buildout to support the electricity system.
While low wind production meant lower spreads and therefore lower revenues in July, August is already seeing higher levels of solar PV and wind on the grid, which HEIT said correlated with a marked improvement in revenues. It estimated that month-to-date revenues for August averaged £67.2k/MW/year in its portfolio.
To read the full version of this story, visit Solar Power Portal.

Continue reading

It also updated on the asset sale, which was first announced in May. HEIT had scrapped its first quarter dividend and said the fund’s stock was being undervalued by markets, leading to its decision to appoint asset manager JLL to sell some, or all, of its portfolio.
HEIT said the sale process “is progressing” and that prospective bidders have shown “strong” interest. The group claimed indicative non-binding offers are expected to be received within the next month or so.
HEIT’s portfolio includes two of the biggest BESS projects in Europe, Pillswood and Bumpers, equally sized at 98MW/196MWh each. The eight project portfolio totals 395.4MW output to 790MWh capacity (all 2-hour duration assets), of which 79% (312.5MW/625MWh) is operational.
HEIT’s NAV fell slightly (-1.4%) to £215.43 million versus the £218.53 million reported as of the end of April. The latest NAV was equivalent to 94.84p per ordinary share, down by 1.37p per ordinary share since the previous reported period.
A negative mark-to-market valuation of a HEIT interest rate swap impacted the NAV, although the impact was partly offset by the energisation of the group’s 35MW/70MWh Rusholme project in Yorkshire during the period, which has now commenced trading.
Revenues for BESS assets on the grid in Great Britain (GB) have seen a downturn in the past year or so, based largely on market saturation for ancillary services. HEIT’s fellow UK-listed BESS investment funds, Gresham House Energy Storage Fund and Gore Street Capital have both reported challenges over 2024.
At the end of June, in reporting its half-year for the period up to the end of April, HEIT said that “the worst is behind us and better, more profitable times lie ahead,” as it prepared to put three more income-generating assets into action.
However, for the three months ending 31 July, HEIT said lower wholesale market spreads meant revenues were at an average of £45.3k/MW/year, and said decreased wind generation on the GB grid during July in particular impacted BESS revenues across the market.
Low wind was coupled with low gas and carbon prices, reducing average monthly wholesale price spreads to 28% lower for July than June, while the lack of opportunity in the wholesale market drove higher competition for ancillary services, in turn lowering prices for those markets too.
There were some positives looking ahead, HEIT said. The trust welcomed the Labour government’s focus on renewables, as well as National Grid ESO’s recent publication of the Future Energy Scenarios (FES) 2024 document that emphasised the need for continued BESS buildout to support the electricity system.
While low wind production meant lower spreads and therefore lower revenues in July, August is already seeing higher levels of solar PV and wind on the grid, which HEIT said correlated with a marked improvement in revenues. It estimated that month-to-date revenues for August averaged £67.2k/MW/year in its portfolio.
To read the full version of this story, visit Solar Power Portal.

Continue reading

It also updated on the asset sale, which was first announced in May. HEIT had scrapped its first quarter dividend and said the fund’s stock was being undervalued by markets, leading to its decision to appoint asset manager JLL to sell some, or all, of its portfolio.
HEIT said the sale process “is progressing” and that prospective bidders have shown “strong” interest. The group claimed indicative non-binding offers are expected to be received within the next month or so.
HEIT’s portfolio includes two of the biggest BESS projects in Europe, Pillswood and Bumpers, equally sized at 98MW/196MWh each. The eight project portfolio totals 395.4MW output to 790MWh capacity (all 2-hour duration assets), of which 79% (312.5MW/625MWh) is operational.
HEIT’s NAV fell slightly (-1.4%) to £215.43 million versus the £218.53 million reported as of the end of April. The latest NAV was equivalent to 94.84p per ordinary share, down by 1.37p per ordinary share since the previous reported period.
A negative mark-to-market valuation of a HEIT interest rate swap impacted the NAV, although the impact was partly offset by the energisation of the group’s 35MW/70MWh Rusholme project in Yorkshire during the period, which has now commenced trading.
Revenues for BESS assets on the grid in Great Britain (GB) have seen a downturn in the past year or so, based largely on market saturation for ancillary services. HEIT’s fellow UK-listed BESS investment funds, Gresham House Energy Storage Fund and Gore Street Capital have both reported challenges over 2024.
At the end of June, in reporting its half-year for the period up to the end of April, HEIT said that “the worst is behind us and better, more profitable times lie ahead,” as it prepared to put three more income-generating assets into action.
However, for the three months ending 31 July, HEIT said lower wholesale market spreads meant revenues were at an average of £45.3k/MW/year, and said decreased wind generation on the GB grid during July in particular impacted BESS revenues across the market.
Low wind was coupled with low gas and carbon prices, reducing average monthly wholesale price spreads to 28% lower for July than June, while the lack of opportunity in the wholesale market drove higher competition for ancillary services, in turn lowering prices for those markets too.
There were some positives looking ahead, HEIT said. The trust welcomed the Labour government’s focus on renewables, as well as National Grid ESO’s recent publication of the Future Energy Scenarios (FES) 2024 document that emphasised the need for continued BESS buildout to support the electricity system.
While low wind production meant lower spreads and therefore lower revenues in July, August is already seeing higher levels of solar PV and wind on the grid, which HEIT said correlated with a marked improvement in revenues. It estimated that month-to-date revenues for August averaged £67.2k/MW/year in its portfolio.
To read the full version of this story, visit Solar Power Portal.

Continue reading

It also updated on the asset sale, which was first announced in May. HEIT had scrapped its first quarter dividend and said the fund’s stock was being undervalued by markets, leading to its decision to appoint asset manager JLL to sell some, or all, of its portfolio.
HEIT said the sale process “is progressing” and that prospective bidders have shown “strong” interest. The group claimed indicative non-binding offers are expected to be received within the next month or so.
HEIT’s portfolio includes two of the biggest BESS projects in Europe, Pillswood and Bumpers, equally sized at 98MW/196MWh each. The eight project portfolio totals 395.4MW output to 790MWh capacity (all 2-hour duration assets), of which 79% (312.5MW/625MWh) is operational.
HEIT’s NAV fell slightly (-1.4%) to £215.43 million versus the £218.53 million reported as of the end of April. The latest NAV was equivalent to 94.84p per ordinary share, down by 1.37p per ordinary share since the previous reported period.
A negative mark-to-market valuation of a HEIT interest rate swap impacted the NAV, although the impact was partly offset by the energisation of the group’s 35MW/70MWh Rusholme project in Yorkshire during the period, which has now commenced trading.
Revenues for BESS assets on the grid in Great Britain (GB) have seen a downturn in the past year or so, based largely on market saturation for ancillary services. HEIT’s fellow UK-listed BESS investment funds, Gresham House Energy Storage Fund and Gore Street Capital have both reported challenges over 2024.
At the end of June, in reporting its half-year for the period up to the end of April, HEIT said that “the worst is behind us and better, more profitable times lie ahead,” as it prepared to put three more income-generating assets into action.
However, for the three months ending 31 July, HEIT said lower wholesale market spreads meant revenues were at an average of £45.3k/MW/year, and said decreased wind generation on the GB grid during July in particular impacted BESS revenues across the market.
Low wind was coupled with low gas and carbon prices, reducing average monthly wholesale price spreads to 28% lower for July than June, while the lack of opportunity in the wholesale market drove higher competition for ancillary services, in turn lowering prices for those markets too.
There were some positives looking ahead, HEIT said. The trust welcomed the Labour government’s focus on renewables, as well as National Grid ESO’s recent publication of the Future Energy Scenarios (FES) 2024 document that emphasised the need for continued BESS buildout to support the electricity system.
While low wind production meant lower spreads and therefore lower revenues in July, August is already seeing higher levels of solar PV and wind on the grid, which HEIT said correlated with a marked improvement in revenues. It estimated that month-to-date revenues for August averaged £67.2k/MW/year in its portfolio.
To read the full version of this story, visit Solar Power Portal.

Continue reading

It also updated on the asset sale, which was first announced in May. HEIT had scrapped its first quarter dividend and said the fund’s stock was being undervalued by markets, leading to its decision to appoint asset manager JLL to sell some, or all, of its portfolio.
HEIT said the sale process “is progressing” and that prospective bidders have shown “strong” interest. The group claimed indicative non-binding offers are expected to be received within the next month or so.
HEIT’s portfolio includes two of the biggest BESS projects in Europe, Pillswood and Bumpers, equally sized at 98MW/196MWh each. The eight project portfolio totals 395.4MW output to 790MWh capacity (all 2-hour duration assets), of which 79% (312.5MW/625MWh) is operational.
HEIT’s NAV fell slightly (-1.4%) to £215.43 million versus the £218.53 million reported as of the end of April. The latest NAV was equivalent to 94.84p per ordinary share, down by 1.37p per ordinary share since the previous reported period.
A negative mark-to-market valuation of a HEIT interest rate swap impacted the NAV, although the impact was partly offset by the energisation of the group’s 35MW/70MWh Rusholme project in Yorkshire during the period, which has now commenced trading.
Revenues for BESS assets on the grid in Great Britain (GB) have seen a downturn in the past year or so, based largely on market saturation for ancillary services. HEIT’s fellow UK-listed BESS investment funds, Gresham House Energy Storage Fund and Gore Street Capital have both reported challenges over 2024.
At the end of June, in reporting its half-year for the period up to the end of April, HEIT said that “the worst is behind us and better, more profitable times lie ahead,” as it prepared to put three more income-generating assets into action.
However, for the three months ending 31 July, HEIT said lower wholesale market spreads meant revenues were at an average of £45.3k/MW/year, and said decreased wind generation on the GB grid during July in particular impacted BESS revenues across the market.
Low wind was coupled with low gas and carbon prices, reducing average monthly wholesale price spreads to 28% lower for July than June, while the lack of opportunity in the wholesale market drove higher competition for ancillary services, in turn lowering prices for those markets too.
There were some positives looking ahead, HEIT said. The trust welcomed the Labour government’s focus on renewables, as well as National Grid ESO’s recent publication of the Future Energy Scenarios (FES) 2024 document that emphasised the need for continued BESS buildout to support the electricity system.
While low wind production meant lower spreads and therefore lower revenues in July, August is already seeing higher levels of solar PV and wind on the grid, which HEIT said correlated with a marked improvement in revenues. It estimated that month-to-date revenues for August averaged £67.2k/MW/year in its portfolio.
To read the full version of this story, visit Solar Power Portal.

Continue reading

It also updated on the asset sale, which was first announced in May. HEIT had scrapped its first quarter dividend and said the fund’s stock was being undervalued by markets, leading to its decision to appoint asset manager JLL to sell some, or all, of its portfolio.
HEIT said the sale process “is progressing” and that prospective bidders have shown “strong” interest. The group claimed indicative non-binding offers are expected to be received within the next month or so.
HEIT’s portfolio includes two of the biggest BESS projects in Europe, Pillswood and Bumpers, equally sized at 98MW/196MWh each. The eight project portfolio totals 395.4MW output to 790MWh capacity (all 2-hour duration assets), of which 79% (312.5MW/625MWh) is operational.
HEIT’s NAV fell slightly (-1.4%) to £215.43 million versus the £218.53 million reported as of the end of April. The latest NAV was equivalent to 94.84p per ordinary share, down by 1.37p per ordinary share since the previous reported period.
A negative mark-to-market valuation of a HEIT interest rate swap impacted the NAV, although the impact was partly offset by the energisation of the group’s 35MW/70MWh Rusholme project in Yorkshire during the period, which has now commenced trading.
Revenues for BESS assets on the grid in Great Britain (GB) have seen a downturn in the past year or so, based largely on market saturation for ancillary services. HEIT’s fellow UK-listed BESS investment funds, Gresham House Energy Storage Fund and Gore Street Capital have both reported challenges over 2024.
At the end of June, in reporting its half-year for the period up to the end of April, HEIT said that “the worst is behind us and better, more profitable times lie ahead,” as it prepared to put three more income-generating assets into action.
However, for the three months ending 31 July, HEIT said lower wholesale market spreads meant revenues were at an average of £45.3k/MW/year, and said decreased wind generation on the GB grid during July in particular impacted BESS revenues across the market.
Low wind was coupled with low gas and carbon prices, reducing average monthly wholesale price spreads to 28% lower for July than June, while the lack of opportunity in the wholesale market drove higher competition for ancillary services, in turn lowering prices for those markets too.
There were some positives looking ahead, HEIT said. The trust welcomed the Labour government’s focus on renewables, as well as National Grid ESO’s recent publication of the Future Energy Scenarios (FES) 2024 document that emphasised the need for continued BESS buildout to support the electricity system.
While low wind production meant lower spreads and therefore lower revenues in July, August is already seeing higher levels of solar PV and wind on the grid, which HEIT said correlated with a marked improvement in revenues. It estimated that month-to-date revenues for August averaged £67.2k/MW/year in its portfolio.
To read the full version of this story, visit Solar Power Portal.

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However, those commitments required Redflow to match the government funding on offer, and attempts to raise equity support did not bear fruit, Redflow said last week (23 August).
“In the absence of such support, the Directors believe that Redflow is unable to continue as a going concern and have no option but to place the Redflow Group into voluntary administration,” a statement made to the Australian Securities Exchange (ASX) read.
Redflow headquartered in Brisbane, manufactures a proprietary hybrid flow battery technology based on zinc-bromine liquid electrolyte and zinc plating. This technology is aimed at long-duration energy storage (LDES) applications and has largely been used in off-grid and commercial and industrial (C&I) installations both in Redflow’s home country and overseas.
The company’s CEO Tim Harris told Energy-Storage.news Premium in 2023 that, rather than the more commonly used vanadium pentoxide electrolyte or novel organic compounds, zinc-bromine offers higher energy and power density, while also being abundant and easier to source raw materials.
It also has the advantage of being transportable with liquid electrolyte already inside the tanks, a feature that lowered the cost and complexity of onsite integration, Harris said. Its higher energy density meant a smaller footprint and lower balance of system costs, the CEO claimed.
From its base in Australia, Redflow had also gone international with a factory in Thailand opened in 2017, and overseas projects that included a completed 2MWh C&I project in California, and another 20MWh in the same US state which got its notice-to-proceed (NTP) six months ago. One of its microgrid projects in the US was among a number of LDES demonstration and pilots picked out for financial support from the US Department of Energy (DOE) in a competitive award scheme last year.   
With Queensland’s government looking to strongly support both deployment and manufacturing of battery technologies through state policies, including vanadium and non-vanadium flow batteries, Redflow had looked poised to benefit.
However, it seems that even this backing hasn’t been enough to convince investors in the current market climate despite “significant commercial interest” in its proposed new Redflow X10 flow battery tech.
Directors at Redflow and its subsidiaries have appointed consultants from Deloitte as Voluntary Administrators. They will review and assess the company’s business and financial position before making recommendations on its future. Trading in shares will be suspended as the process continues.  

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