White & Case advises Fotowatio Renewable Ventures (FRV) Australia on development and financing of Gnarwarre battery energy storage system

Global law firm White & Case LLP has advised Fotowatio Renewable Ventures (FRV) Australia on the development and financing of the 250 MW/500 MWh Gnarwarre battery energy storage system (BESS), near Geelong in the state of Victoria.

"FRV Australia successfully leveraged its existing portfolio financing facility to finance the construction of the Gnarwarre BESS," said White & Case partner Candice Ota, who co-led the Firm's deal team.  "Portfolio financing facilities can provide developers with greater flexibility to fund their development pipeline."

The stand-alone BESS project includes grid forming inverters and will assist the national electrical network to compensate for times of peak demand and energy oversupply.

The Gnarwarre BESS is FRV Australia's largest battery to date and was financed under its A$1.2 billion portfolio financing facility, which was established in July 2024. The loan facility was provided by a syndicate of five financial institutions: Westpac Banking Corporation, United Overseas Bank, Intesa Sanpaolo, KfW IPEX-Bank and Export Development Canada. The project's funding also includes grant funding from the Australian Renewable Energy Agency (ARENA), which awarded a A$15 million grant under its Large Scale Battery Storage Funding Round.

The White & Case team in Australia that advised on the transaction was led by partners Brendan Quinn and Candice Ota (both Melbourne) and included partners Michelle Keen and Andrea Reeves (Melbourne), counsel Ben Wu (Sydney) and associates Mark Burrows, SuZanne Yap, Andrew Evans, Casey Guilmartin, Emma Groves and Kirsten Sugden (all Melbourne).

Press contact
For more information please speak to your local media contact.