A joint lead partner explains why deals such as this are important for renewable energy development
The Hornsdale Power Reserve project in South Australia has notched a first-of-its-kind financing with the help of White & Case.
The global firm advised Neoen, developer and owner of the Hornsdale Power Reserve, with the expansion and project financing of the grid-connected energy storage system.
The expansion cements the project’s status as the world’s largest lithium-ion battery, White & Case said. The project will be the first grid-scale battery in Australia to provide inertia benefits to the National Electricity Market, it said.
Partner Ged Cochrane, who jointly headed the White & Case team on the deal, explained why deals such as this are important for renewable energy development.
“The Hornsdale Power Reserve is the first standalone battery project in Australia to secure non-recourse project financing,” he said. “Supporting grid stability with synthetic inertia technology will be critical if renewable energy is to begin dominating our energy mix.”
Fellow Melbourne-based partners Adeline Pang and Michelle Keen, as well as Sydney-based partner Joel Rennie, headed the White & Case team. They were supported by Melbourne-based associates Kirsty Campbell, Paul Marshall, Barnaby Matthews, Sarah Oh, and Ned Simpson, as well as Sydney-based associates Emanuel Blum and Kevin Chen.
An additional 50 MW/64.5 MWh will be added to the original 100MW/120MWh capacity of the Hornsdale Power Reserve as a result of this deal. Financing was secured from the Clean Energy Finance Corporation, the South Australian Government, and the Australian Renewable Energy Agency.