Starting with a high-dependency on coal-fired generation, Australia is experiencing a fast and disorderly transition with the accelerated decommissioning of coal-powered units, the quick penetration of intermittent renewable energy generation in certain parts of the network and the slow deployment of grid-firming technologies to help stabilise the market with this increased structural volatility.

In 2021, we committed £50m in Australia to implement distributed solar PV and battery energy storage system (BESS) hybrid projects with the Company's operating partner, Birdwood Energy, a team of energy specialists with an experienced track record of power generation and battery projects globally.

This programme is building a portfolio of decentralised hybrid distributed solar and battery assets, providing additional renewable energy and energy storage capacity, both critically needed by the energy system in Australia:

Battery storage not only offers a solution to decarbonise the Australian power sector but it is also a great source of value creation via a trading strategy.
Coupling both technologies allows optimization of each technology to better serve the needs of the Australian market in its transition as well as generate differentiated returns for our shareholders.