Global law firm White & Case LLP has advised Neoen on the development and project financing of the 300 MW / 450 MWh Victorian Big Battery in Victoria, Australia.
"The Victorian Big Battery will effectively increase the capacity of the interconnector between Victoria and New South Wales during the peak summer period," said White & Case partner Ged Cochrane, who co-led the Firm's deal team. "The battery will also provide grid stability services that will play a critical role in helping Victoria achieve its renewable energy target".
Due to be completed in late 2021, the Victorian Big Battery will surpass Neoen’s Hornsdale Power Reserve as the largest battery in Australia, and will be one of the largest in the world.
Supported by a 250MW grid services contract with the Australian Energy Market Operator, the battery will be located next to the Moorabool Terminal Station near Geelong in Victoria.
The non-recourse project financing for the battery was provided by the Clean Energy Finance Corporation (CEFC).
White & Case partner Adeline Pang, who co-led the Firm’s deal team, said: "This is another great example of Neoen working collaboratively with Tesla, AEMO, AusNet and the CEFC to develop an innovative commercial solution to support the National Electricity Market that will deliver savings to electricity consumers."
The White & Case team in Melbourne that advised on the transaction was led by partners Ged Cochrane, Adeline Pang and Michelle Keen with support from associates Paul Marshall, Suzie Porritt, Chenez Dyer Bray, Emma Dobb, Ned Simpson, David Lagesse, Michael Li and Kirsten Sugden. King & Wood Mallesons advised the CEFC.
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