Stonepeak is investing up to A$70m (€42.2m) in an Australian battery energy storage system (BESS) being developed by ZEN Energy.
Stonepeak said its portfolio company Peak Energy is investing the capital into ZEN Energy’s Templers BESS, a project located 60km north of Adelaide in South Australia.
Once completed, Templers BESS will be the second largest system by energy stored in South Australia.
Anthony Garnaut, the CEO of ZEN Energy, said: “Templers BESS is a key milestone in ZEN’s significant growth and marks our first substantial asset, in the State where we started.
“The South Australian government, through committing to a long-term contract with a renewable retailer has enabled this significant investment in further stabilising the supply of renewable, affordable energy into South Australia.
“Stonepeak and Peak Energy’s commitment to ZEN will enable us to continue to bring more renewable assets to the grid in South Australia.”
Darren Keogh, senior MD at Stonepeak, said: “ZEN has built a strong business through a combination of long-term customer contracts and renewable PPA offtake agreements and we are excited by the company’s growth trajectory and potential impact on the energy transition in Australia.
“We look forward to partnering with ZEN as they continue working on Templers BESS and building out their pipeline.”
Gavin Adda, CEO of Peak Energy, said: “Peak Energy is delighted to be working with ZEN to bring Templers BESS towards commercial operations and support the development of future projects in the region.”
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