FRV Australia reaches financial close for battery storage project

This refinancing secures strong financial backing for the development of the Terang BESS and future projects, reinforcing FRV Australia’s capacity to take the lead in the renewable energy sector in Australia. 

The proposed FRV Australia battery project is in close proximity to another potential project, the Gnarwarre BESS project, with a capacity of 250MW/500MWh.  

The Gnarwarre BESS project is situated in the southwestern part of Victoria and has been granted conditional funding through ARENA’s Large Scale Battery Storage Round.  

The refinancing procedure involved 11 financial entities, all of which are also backing Terang’s financing: ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank Girozentrale, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, Clean Energy Finance Corporation, China Construction Bank, and Agricultural Bank of China. 

The initiative will also be granted AUD$ 7m in funding to facilitate the implementation of new grid-forming inverters.  

This funding is secured under the second round of the Victorian Government’s Energy Innovation Fund (EIF) to further the government’s efforts to achieve a 50% renewable energy target by 2030.