Allens has advised ZEN Energy on the creation of ZEBRE, a new battery and solar investment platform owned jointly with $1.3 billion Taiwan-listed renewable energy company, HDRE.
The platform will see Australia's energy storage capacity grow by at least one gigawatt – a third of its current capacity – starting with the Solar River 256MW battery energy storage system (BESS) and 210MW solar farm in South Australia.
ZEBRE will focus on developing energy storage assets in Australia, with scope for potential expansion to Taiwanese and Japanese markets.
'This landmark collaboration highlights the growth of Australia's BESS sector, and shows the importance of adequate dispatchable capacity in the NEM as Australia transitions away from fossil fuels,' said Lead Partner and Energy Sector Leader Kate Axup.
'As Australia works towards its potential as a renewable energy exporter, platform investment opportunities attracting both local and foreign capital are critical. We congratulate ZEN Energy and HDRE on establishing this exciting platform,' said Partner and Private Capital Sector Leader Emin Altiparmak.
'ZEBRE is a true pathfinder project, with exciting implications for long-duration storage in Australia. We look forward to seeing the platform go from strength to strength,' said Partner Danielle Jones.
Allens is a leading adviser on large-scale battery and storage projects, having advised on numerous first-to-market energy storage transactions including Akaysha Energy's Orana Battery Energy Storage System, ENGIE's virtual battery offtake agreement and the Templers Battery Energy Storage System.
