FRV Australia has reached financial close on its 250-megawatt/500-megawatt-hour Gnarwarre battery energy storage system in Victoria, marking the company’s largest storage project to date.
The Gnarwarre facility will use advanced grid-forming inverters, which allow it to deliver key stability services traditionally provided by synchronous generators, according to the company. Once operational, it will contribute to FRV Australia’s total installed solar and storage portfolio reaching approximately 1.4 gigawatts (GW).
Financing for the project was secured through a syndicate of lenders including Westpac Banking Corporation, United Overseas Bank, Intesa Sanpaolo, KfW IPEX-Bank, and Export Development Canada. The Australian Renewable Energy Agency (ARENA) has also awarded a A$15 million grant to support the development.
“Large-scale storage like this is essential to provide backup capacity that supports a reliable and clean energy system,” said FRV Australia managing director Carlo Frigerio. “This project also contributes to the state of Victoria achieving its ambitious renewable energy and net-zero emissions targets.”
The project follows the 100MW/200MWh Terang battery, which is currently under construction. Together, the two projects reflect FRV’s broader strategy to expand its battery storage footprint across Australia.
The company currently operates nine photovoltaic (PV) projects across Australia and New Zealand with a combined capacity of more than 1GW, and is developing additional battery storage projects with a planned capacity of 350MW.
