Herbert Smith Freehills (HSF) has advised EnergyAustralia on the development and project financing of the 350 MW/1400 MWh Wooreen energy storage system, located in Victoria’s Latrobe Valley (WESS).
HSF has also advised EnergyAustralia on its successful bid for a capacity investment scheme agreement with the Federal Government for the WESS.
The WESS will play a key role in EnergyAustralia’s firming of energy storage capacity in the Gippsland region before the retirement of the Yallourn power station in mid-2028.
Wärtsilä has been engaged to supply and commission the battery system, and Zenviron has been engaged to perform the balance of plant works. The project will be supported by a long-term offtake with EnergyAustralia’s trading business.
ANZ, Credit Agricole CIB, DBS Bank, HSBC, Mizuho Bank, NAB, SMBC, and Westpac have provided project financing on the project. King & Wood Mallesons advised the lenders.
Lead Energy Partner, Alison Dodd, said: “This project will bring more energy storage capacity to the Latrobe Valley, which has a proud history of powering industry and communities, and to the state of Victoria.
“It is an exciting step for EnergyAustralia’s growing energy storage portfolio, and we look forward to continuing to support its ambitions in support of the nation’s energy transition goals.”
Elizabeth Charlesworth, HSF’s Lead Finance Partner on the matter, added: “This new battery storage system will be capable of powering up to four hours of renewable energy, providing a low-cost and reliable energy solution when demand for power in Victoria is high.
“It was fantastic to work alongside our energy team and EnergyAustralia to advise on all financing aspects of the project.”
EnergyAustralia Managing Director, Mark Collette, commented: “At EnergyAustralia, our purpose is to lead and accelerate the clean energy transformation for all.
“The WESS is the largest single project investment made by EnergyAustralia. Wooreen will provide capacity to meet demand peaks while enabling more renewable energy to enter the electricity market, contributing to better customer energy outcomes.”
The cross-practice energy and finance teams were led by Partners, Alison Dodd, Elizabeth Charlesworth, Neena Aynsley, Kris Percy, Ryan Leslie, and Jinny Chaimungkalanont. They were supported by Executive Counsel, Kimberly Lean, Senior Associates, Michael D’Agostino, Josh Attard, Jennifer He, Alyce Rae, Lisa Hamilton, Teresa Sun, Naison Seery, and Mark Peters, and Solicitors Sarah-Anne Butler, Olivia Smedley, Dana Perez, Holly McNaughton, Yonnie Lipshatz, Jack Fox, Liam Annable, Elizabeth Papapetrou, Emily Ainsworth, Leana Lim, Shay Kavallero, and Josh Longstaff, and Graduate, Dan Beratis.
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