At the end of 2024, Australian renewable energy developer ZEN Energy and Taiwan’s HD Renewable Energy (HDRE) solidified their partnership with plans to create a joint venture. This venture will focus on solar PV and energy storage solutions in Australia. Announced on December 23, the joint venture will be called ZEBRE and aims to reach a target investment capacity of 1.4GW.
A Green Energy Investment Platform
ZEBRE will be established through two key entities: HDRE II Trust, owned by HDRE, and Zen Future, a subsidiary of ZEN Energy. The current structure outlines that HDRE Trust II will hold a 70% equity stake, while Zen Future will retain the remaining 30%. The platform will primarily focus on energy storage and green hydrogen projects in Australia, Taiwan, and potentially Japan.
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The partnership also includes a significant financial move: HDRE has agreed to subscribe for 9.7% of shares in ZEN Energy for AU$43 million. In a statement made public in November, both organizations outlined their commitment to renewable energy projects across multiple regions.
Solar and Energy Storage Projects
As part of ZEBRE’s expansion, the joint venture will now also focus on solar PV projects. The initial target is to develop 400MW of solar energy capacity alongside 1GW of energy storage. This aligns with global trends towards cleaner, more sustainable energy solutions. Both companies see this as a critical step toward meeting the rising demand for renewable energy.
ZEN Energy’s CEO, Anthony Garnaut, emphasized the importance of energy storage in Australia’s transition to cleaner energy. He highlighted the significant potential of long-duration battery storage and pumped hydro in ensuring a stable, reliable energy supply. These technologies are essential for reducing Australia’s reliance on fossil fuels.
Solar River: A Major Milestone
In addition to the joint venture announcement, ZEBRE also secured its first major renewable energy site—the 210MW Solar River solar-plus-storage project in South Australia. This project will be located near Robertstown, about 125km north of Adelaide. The solar plant will consist of 400,000 solar PV modules and require around AU$540 million to complete construction.
The Solar River site will also feature a 256MW co-located battery storage system. The project plans to include 8-hour storage capacity but will initially move forward with 2.5 hours of storage. ZEN Energy hopes to begin construction on the project in 2026 after securing funding through the Capacity Investment Scheme in September.
The partnership between ZEN Energy and HDRE marks a significant milestone in the transition to cleaner energy in Australia. The two companies plan to drive innovation in solar energy and energy storage projects through the joint venture. The focus is going to be on long duration storage and pumped hydro.
The Solar River project is just the beginning of this ambitious collaboration, which will contribute to reducing carbon emissions and meeting energy demands in the coming years.