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AGL advised on major battery storage deal
Energy provider AGL has been advised on a deal with renewables company Vena Energy to develop a new battery storage system.
Jerome Doraisamy
Firm: Herbert Smith Freehills (AGL).
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Deal: HSF advised AGL on its entry into a deal with renewable energy company Vena Energy for the development of a new large-scale battery energy storage system in Wandoan, Queensland.
Once complete, “this will be the largest battery energy storage facility in the state”, the firm said in a statement.
Area: Energy and resources.
Value: N/A.
Key players: The HSF team was led by partner Peter Davis, who was assisted by solicitor Michael Trent.
Deal significance: “This transaction marks another milestone in the electricity market’s transition towards “firmed” reliable generation from renewable and low emissions sources. We are delighted to continue our work with AGL in this area”, Mr Davis said.
“This deal may serve as a model to support growing investment in battery storage and other forms of dispatchable generation.”
“We are staring at the dawn of a new age of energy: the dawn of the battery age,” said AGL CEO Brett Redman, who has described storage systems as “pivotal in providing firming capacity in the shift between baseload power and renewables.”
