King & Wood Mallesons (KWM) recently guided a syndicate of lenders, including Westpac Banking Corporation, Standard Chartered Bank, Export Development Canada, and Société Générale, in a $400 million financing deal.
The funds will support stage three of the Melbourne Renewable Energy Hub (MREH), focusing on developing a 200MW/800MWh battery energy storage system.
In collaboration with the State Electricity Commission of Victoria (SECV), Equis spearheaded the MREH project.
SECV’s investment, marking its debut in the project, underscores its commitment to allocate $1 billion towards constructing 4.5 GW of renewable energy and storage projects. This move aligns with Victoria’s initiative to accelerate its transition to sustainable energy.
Chris Dynon, lead partner at KWM, emphasized SECV’s participation as a significant boost to the project’s bankability and highlighted its role in Victoria’s broader energy transition strategy.
The involvement of SECV further strengthens the MREH project’s position, with operations slated to begin by late 2025. Once operational, the project is poised to become the largest battery energy storage system in both Australia and Asia, marking a milestone in the region’s renewable energy landscape.