Energy storage developer Energy Vault is set to fully acquire the 125MW/1GWh Stoney Creek battery energy storage system (BESS) in New South Wales, Australia, from Enervest Group.
The developer revealed earlier this week that it had executed an agreement to fully acquire the 8-hour duration BESS from its co-developer, Enervest, for an undisclosed amount.
The two companies penned an initial partnership last year that would see Energy Vault supply the BESS for the project. The system would use the company’s X-Vault integration platform and its UL9540 and AS3000 certified B-VAULT product. The organisation also said it would utilise its Vault-OS Energy Management System to control, manage and optimise the BESS operations.
Enervest will continue to provide project development services and stakeholder engagement as part of the agreement, ensuring progression toward financial close.
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Stoney Creek is located to the west of Port Macquarie and, when operational, will provide grid reliability services to the National Electricity Market (NEM), facilitating the greater uptake of renewable energy generation technologies.
Robert Piconi, chairman and CEO of Energy Vault, said the deal marks a “significant milestone” for the company, stating that it will now accelerate the development of the “critical project”.
“With the strong foundation established by Enervest, we are now accelerating this critical project under the Long-Term Energy Service Agreement (LTESA) structure to deliver long-duration storage that enhances grid resilience and supports Australia’s clean energy transition. We look forward to delivering long-term benefits to New South Wales’ electricity market and consumers for many years to come,” Piconi said.
Stoney Creek was among the successful projects that received LTESAs from the AEMO Services earlier this month. In total, 14GWh of long-duration energy storage (LDES) projects were successful.
Alongside Stoney Creek, the other successful projects were Eku Energy’s 100MW/800MWh Griffith BESS and Acen Australia’s 800MW/11,990MWh ACEN Phoenix pumped hydro energy storage (PHES) site.
Pacific Green completes sale of 500MWh BESS in Victoria
In other news, developer Pacific Green Technologies has completed the sale of 100% of the shares in its Limestone Coast North Energy Park in Victoria to Intera Renewables, in a move which also sees the project reach financial close.
Intera is a renewable energy platform majority-owned by funds managed by Palisade Investment Partners, an infrastructure and tangible assets manager based in Australia.
The deal, which has an enterprise value of AU$460 million (US$291 million), was first revealed in February. Pacific Green will continue as the construction manager.
Two grid-scale BESS assets will form part of US-headquartered energy storage developer Pacific Green’s broader Limestone Coast Energy Park development, comprising 500MW/1.5GWh of BESS combined. This includes the Limestone Coast North Energy Park BESS, a 500MWh system, and the Limestone Coast West BESS, a 250MW/1,000MWh 4-hour duration system.
The park will be developed and constructed in two phases over a 36-month period. The first phase, the Limestone Coast North Energy Park BESS, is anticipated to be operational in 2027.
