The renewables developer has been sounding investors for a 185-megwatt battery energy storage system in Victoria via ICA Partners.
Renewables developer Edify Energy has been sounding investors for a 185-megawatt battery energy storage system in Victoria via ICA Partners, the same adviser that helped it sellStreet Talk understands the Koorangie BESS project has been pitched as 370 megawatt-hour asset that would strengthen the network within the Murray River Renewable Energy Zone, and benefit from long-term contracted revenues.
The Riverina battery saw Macquarie Infrastructure and Real Assets and Federation Asset Management go toe to toe in the final round, while Palisade Investment Partners’ impact arm also took a look. Potential buyers were told Koorangie’s revenues would be underpinned by a 15-year tolling agreement with an investment grade counterparty in exchange for full operational rights. It would be CPI-linked and priced at flat fees, meaning the offtaker would take on the market risk including price and network constraints.
Edify’s Riverina is currently the biggest battery in NSW. It was shopped as three co-located battery storage systems in NSW, with a combined capacity of 150 megawatts. As an example, the first battery, a 60-megawatt system, had a 10-year contract with Shell Energy for full dispatch rights of the project, with an option to extend a further two years.
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