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Federation Asset Management advised on renewable energy investment
Global firm Norton Rose Fulbright (NRF) advised Federation Asset Management on its investment in the Riverina and Darlington Point Battery Energy Storage Systems (BESS) in NSW.
Adrian Suljanovic
Firm: Norton Rose Fulbright (Federation Asset Management)
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Deal: Federation Asset Management has invested in the Riverina and Darlington Point BESS in NSW.
Value: N/A
Area: Finance
Key players: The NRF team was led by Martin Irwin (partner) with assistance from Ellen Laughton (associate). Also included in the team were Noni Shannon and Steven Choi (partners) and Claire Whitney (special consultant). Claire Forster (partner and co-head of energy) advised on energy regulation.
Deal significance: This investment will establish the seed asset for Federation Asset Management’s Sustainable Australian Real Asset (SARA) Trust.
Currently in development by Edify Energy, the BESS is a system of lithium-ion batteries that will complement the growing presence of renewable generation in NSW, as well as add more flexible dispatchable capacity to the market.
The Riverina and Darlington Point BESS is expected to generate a combined total of 150 megawatts/300 megawatt hours of power through three independent but co-located projects. This has the potential to power more than 46,000 homes for two hours during peak demand before recharging.
Partner at NRF, Mr Irwin, said: “We are very proud to have supported Federation on this very important transaction for the electricity market and for Federation in seeding its new fund, SARA. The sale was also significant as the first contested auction for a BESS in Australia, with our client prevailing over several other prospective investors.”
