Gannawarra Energy Storage System (GESS) | 25MW/50MWh
We have completed a second joint landmark financing with Australian renewable energy company Edify Energy, this time for a large Tesla Powerpack battery – the Gannawarra Energy Storage System (GESS), this will be integrated with the Gannawarra Solar Farm (GSF).
GESS was selected by the Victorian Government under its Energy Storage Initiative to integrate a 25MW / 50MWh Tesla Powerpack battery with the 50MW GSF to enhance the reliability of the grid in the North West region of Victoria and unlock further economic growth. Together with the Australian Renewable Energy Agency (ARENA), the Victorian Government Department of Environment, Land, Water and Planning (DELWP) is supporting GESS with grant funding.
The financing of GESS is further underpinned by a long-term commercial services agreement with EnergyAustralia, who will operate the battery. EnergyAustralia is already the long-term offtaker for GSF and will operate the combined solar farm and battery facility in a coordinated way that better reflects the requirements of the Victorian energy market than could be achieved by a stand-alone renewable asset. This agreement with EnergyAustralia is a first-of-a-kind in the Australian market and demonstrates a financeable commercial model for future retrofit and combined renewable and storage facilities.
When complete, the combined GESS and GSF facility will achieve a range of positive outcomes, including:
The first combined solar and storage facility in Victoria and among the largest in the world, setting a precedent for future equivalent installations;
A tangible benefit to an area of the network that has been identified as requiring upgrade by better managing the dispatch of GSF;
A reduction in future system costs by demonstrating integration benefits, deploying battery volume, facilitating learning and sector confidence, and reducing the cost of financing in a manner that is consistent with the findings of the Finkel Review;
The development of local expertise, skills and capability that may be applied further in the Victorian and Australian markets and exported to overseas markets; and
The creation of 20-25 jobs during construction and 1-2 jobs during operations.