- FRV Australia secured financial close for its 250 MW/500 MWh Gnarwarre battery project in Victoria, using grid-forming inverters to support system stability.
- The project expands FRV’s Australian solar and storage portfolio, bringing its total installed capacity to about 1.4 GW.
Fotowatio Renewable Ventures (FRV) Australia has reached financial close on its 250MW/500MWh Gnarwarre battery energy storage project in Victoria, securing funding from a syndicate of domestic and international lenders.
The facility, the company’s largest to date, will use advanced grid-forming inverters to deliver stability services traditionally provided by synchronous generators. The project follows FRV Australia’s 100MW/200MWh Terang battery, which remains under construction. Once completed, it will lift the company’s total installed solar and storage portfolio to about 1.4GW.
Westpac Banking Corporation, United Overseas Bank, Intesa Sanpaolo, KfW IPEX-Bank and Export Development Canada provided debt financing. The Australian Renewable Energy Agency (ARENA) granted $15 million in additional support.
“Large-scale storage like this is essential to provide backup capacity that supports a reliable and clean energy system,” FRV Australia Managing Director Carlo Frigerio said. “This project contributes directly to Victoria’s ambitious renewable energy and net-zero emissions commitments.”
FRV Australia currently operates nine photovoltaic projects across Australia and New Zealand with a combined capacity of more than 1GW, and is developing two further large-scale battery projects totalling 350MW.