Stonepeak Funds ZEN Energy to Add Second Largest Battery to South Australia’s Electricity Network
ZEN Energy has successfully signed definitive documentation to secure funding from Stonepeak to facilitate the construction of the second largest energy storage project in South Australia’s electricity network.
March 19, 2024. By News Bureau
ZEN Energy has successfully signed definitive documentation to secure funding from Stonepeak to facilitate the construction of the second largest energy storage project in South Australia’s electricity network.
Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, through its portfolio company Peak Energy, a platform dedicated to the development of renewable assets across Asia Pacific, has announced an up to AD 70 million (USD 46 million) investment into Australian-owned ZEN Energy’s Templers Battery Energy Storage System (Templers BESS).
Anthony Garnaut, Chief Executive Officer 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 Managing Director 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, Chief Executive Officer 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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