Fotowatio Renewable Ventures (FRV) Australia, a subsidiary of Jameel Energy and Canadian infrastructure fund OMERS, announces the financial close and start of construction of the Terang Battery Energy Storage System (BESS) project.
This project marks a key milestone in FRV Australia’s commitment to promoting renewable energy infrastructure technologies.
Terang BESS, a large-scale 100MW/200MWh battery located in Victoria, is financed under FRV Australia’s recent AUD 1.2 billion portfolio refinancing facility.
This refinancing provides solid financial backing for the construction of Terang BESS and other future projects, reinforcing FRV Australia’s ability to position itself as a leader in Australia’s renewable energy sector.
Financial Partnerships and Support
The refinancing process involved 11 financial institutions, including ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank Girozentrale, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, Clean Energy Finance Corporation, China Construction Bank and Agricultural Bank of China.
These institutions are now supporting the financing of Terang BESS.
The project also receives AUD 7 million in funding for the installation of new grid-forming inverters, granted as part of the second round of the Victoria Government’s Energy Innovation Fund (EIF) to meet the target of 50% renewable energy by 2030.
Local Impact and Community Involvement
Located two kilometers northeast of the center of Terang and around 40 kilometers north of Warrnambool, the BESS will have a capacity of 100MW/200MWh.
It will connect to the national grid and will be built on the traditional lands of the Eastern Maar people.
The Terang BESS project makes a significant contribution to the economic development of Victoria’s South West region. FRV Australia expects to create up to 150 jobs during the construction phase, and to employ three to four permanent staff for operations.
FRV Australia will also award site maintenance contracts to local companies.
Technology and Future Development
FRV Australia appointed Canadian Solar’s e-STORAGE for construction, drawing on their expertise in providing high-quality battery storage solutions.
The project signed connection agreements with AusNet in 2024 and is located in a strategic part of the power grid.
Meanwhile, another potential FRV Australia battery project, the 250MW/500MWh Gnarwarre BESS, located in the south-western region of Victoria, has received conditional funding under ARENA’s Large Scale Battery Storage Round and is also due to start construction soon.
Future prospects
The financial close of our first large-scale battery is a major achievement for FRV Australia.
This project demonstrates our commitment to a range of renewable energy technologies and strengthens our position in the sector.
It paves the way for future innovation and portfolio growth.
