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.

Project details:

Acquired 2 operating distributed solar PV generation assets in South Australia and Queensland, totaling 17MW
Completed the construction of the first solar and storage hybrid system, through the addition of a 2 hour 4.95MW BESS in South Australia
Acquired 3 ready to build solar farms in New South Wales , of 5MW each– commencement of operations expected by the end of 2023
Working with our Operating Partner to add 5MW/10MWh BESS on each of the New South Wales sites