Deal: Neoen has been advised on the development and project financing of the Victorian Big Battery. The non-recourse project financing for the battery was provided by the Clean Energy Finance Corporation (CEFC). 

Value: Undisclosed.

Area: Finance.

Key players: The legal team advising Neoen was led by White & Case 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. 

Deal significance: The Victorian Big Battery is due to be completed late this year, and upon completion will surpass Neoen’s Hornsdale Power Reserve as the largest battery in Australia.

The battery is supported by a 250-megawatt grid services contract with the Australian Energy Market Operator, and will be located next to the Moorabool Terminal Station near Geelong in Victoria. 

“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 Mr Cochrane, who co-led the firm’s deal team.

VIEW ALL

“The battery will also provide grid stability services that will play a critical role in helping Victoria achieve its renewable energy target.” 

White & Case partner Ms Pang, who co-led the firm’s deal team, added: “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.”