NRF helps Federation Asset Management snag majority stake in NSW battery projects

The battery projects are scheduled for completion prior to the 2023/24 summer

NRF helps Federation Asset Management snag majority stake in NSW battery projects

Norton Rose Fulbright (NRF) has advised private equity firm Federation Asset Management on its acquisition of two battery projects in New South Wales from renewable energy developer Edify Energy. 

Pursuant to the transaction, Federation will acquire a majority stake in the co-located Riverina and Darlington Point Battery Energy Storage Systems (BESS) from Edify. The battery projects will constitute the seed asset for the Sustainable Australian Real Asset (SARA) fund, a pure play Australian energy transition fund managed by Federation.

Meanwhile, Edify will oversee the construction and commissioning of the battery projects and act as the asset manager throughout their operations.

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The battery projects, which have a combined 150 megawatts of power and 300 megawatt-hours of storage capacity, are expected to power more than 46,000 homes for two hours of peak demand before being recharged. They are scheduled for completion prior to the 2023/24 summer.

“Battery energy storage capacity is critical to accelerating energy transition in the National Electricity Market, and supporting the electricity grid,” said Stephen Panizza, co-founder and head of renewable energy at Federation. “Federation is delighted to be working with a developer of Edify’s calibre to deliver the Riverina battery projects.”

Partner Martin Irwin led the NRF’s projects and construction team on the transaction. He was assisted by associate Ellen Laughton.

Other team members who assisted in the transaction were partners Noni Shannon and Steven Choi, and special consultant Claire Whitney. Partner Claire Forster also advised on energy regulation.

“We are very proud to have supported Federation on this very important transaction for the electricity market and for Federation in seeding its new fund, SARA,” Irwin said. “The sale was also significant as the first contested auction for a BESS in Australia, with our client prevailing over several other prospective investors.”

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