Fotowatio Renewable Ventures (FRV) Australia, a renewable energy project developer and part of Jameel Energy and the Canadian infrastructure fund OMERS, announced the acquisition of the Axedale project from ACEN Australia, a renewable energy project developer. The project, comprising 140 MWac solar and 50 MW/100 MWh battery energy storage system, is located 20 km east of Bendigo, Victoria, Australia.
The battery storage system is capable of operating for two hours. The project is nearing completion of permitting, and a connection agreement with AusNet and AEMO was executed in December of last year.
Baker & McKenzie advised FRV on the acquisition. The company did not disclose the financial details of the acquisition.
“The acquisition of Axedale underscores our commitment to developing innovative projects that blend renewable energy and storage, key elements for ensuring grid stability and advancing towards a cleaner, more efficient energy system. We are proud to contribute to Australia’s renewable energy leadership,” said Carlo Frigerio, CEO of FRV Australia.
In Victoria, the company reached financial close for the 100 MW/200 MWh Terang battery energy storage project last year, which was financed under the company’s recent AUD$ 1.2 billion (~$0.76 billion) portfolio refinancing facility.
With the acquisition of the Axedale project, the company is stated to be operating eight projects with a total capacity of nearly 1 GW.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
This month, Adapture Renewables, a utility-scale solar and energy storage project developer, announced the acquisition of a 110 MW solar and 110 MW battery energy storage project from Samsung C&T Renewables, the renewable development and investment platform of Samsung C&T America.
