ZEN Energy (“ZEN”) has successfully signed definitive documentation to secure funding from Stonepeak to facilitate the construction of the second largest energy storage project in South Australia’s electricity network.
Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, through its portfolio company Peak Energy, a platform dedicated to the development of renewable assets across Asia Pacific, has announced an up to ~A$70 million (~US$46 million) investment into Australian-owned ZEN Energy’s Templers Battery Energy Storage System (“Templers BESS”).
- Templers BESS, located 60 kilometers north of Adelaide, South Australia, is a 111 megawatt / 291 megawatt hour battery energy storage system that, when completed, will be the second largest system by energy stored in South Australia.
- ZEN’s ability to construct the battery has been enabled through the South Australian Government’s commitment to a long-term renewable energy contract with ZEN.
- Stonepeak’s funding through an innovative structure has facilitated ZEN’s ownership of the Templers BESS asset, with opportunities to extend the support as ZEN delivers against its significant pipeline of renewable assets.
Anthony Garnaut, Chief Executive Officer of ZEN Energy, said, “Templers BESS is a key milestone in ZEN’s significant growth and marks our first substantial asset, in the State where we started. The South Australian Government, through committing to a long-term contract with a renewable retailer has enabled this significant investment in further stabilising the supply of renewable, affordable energy into South Australia. Stonepeak and Peak Energy’s commitment to ZEN will enable us to continue to bring more renewable assets to the grid in South Australia.”
Darren Keogh, Senior Managing Director at Stonepeak, said, “ZEN has built a strong business through a combination of long-term customer contracts and renewable PPA offtake agreements and we are excited by the Company’s growth trajectory and potential impact on the energy transition in Australia. We look forward to partnering with ZEN as they continue working on Templers BESS and building out their pipeline.”
Gavin Adda, Chief Executive Officer of Peak Energy, said, “Peak Energy is delighted to be working with ZEN to bring Templers BESS towards commercial operations and support the development of future projects in the region.”
