Gaw Capital Partners, an Asian private equity firm, and BW ESS, a global energy storage investor, have unveiled plans to establish Valent Energy, an Australian investment platform dedicated to developing over 1.6GW of utility-scale battery projects.
The collaboration, announced on January 24, 2024, revealed three fully approved and ready-to-build projects in Victoria and New South Wales.
According to both parties, Gaw Capital Partners’ partnership with BW ESS marks a significant step, as they committed to arranging capital exceeding $2 billion for the development of BESS projects under Valent Energy.
The portfolio presently comprises eight batteries and one solar PV farm project. Three battery projects – the 240MW Mornington BESS, 250MW Pine Lodge BESS, and 120MW Apsley BESS – have secured both development and connection approvals and are progressing towards construction.
An additional three projects are expected to secure connection approvals early next year.
Christina Gaw, Managing Principal at Gaw Capital Partners, said Gaw Capital is delighted to partner with BW in building the battery storage platform together.
“I am confident that Valent will combine our respective strengths in industry and capital markets to underwrite a successful delivery of the battery assets that are urgently needed in Australia’s energy transitioning space,” Gaw said.
Erik Strømsø, Managing Director of BW Renewables and CEO of BW ESS, said the establishment of Valent Energy with Gaw Capital forms part of BW’s commitment to the green energy transition.
“By leveraging the sector expertise, industry relationships and international experience of BW ESS, Valent will be well positioned to accelerate the growth of Australia’s energy storage capacity, enabling its transition to clean energy,” Strømsø said.
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