FRV Australia has also recently completed financial close on its Gnarwarre battery energy storage system (BESS) project. This remarkable system has a capacity of 250 megawatts and can store 500 megawatt-hours (MWh) of energy. Located in Victoria, this project is a notable addition to FRV Australia’s renewable energy portfolio. With the Gnarwarre project, the company hopes for its part to help the state meet its ambitious renewable energy and net-zero goals.
Five financial institutions, including Westpac and the Bendigo Bank, are underwriting the Gnarwarre project. In addition to the lead arranger, this syndicate comprises Westpac Banking Corporation, United Overseas Bank, Intesa Sanpaolo, KfW IPEX-Bank, and Export Development Canada. This robust investment represents a growing belief in the potential of renewable energy projects. It underscores the urgent need for large-scale, safe, and affordable battery storage solutions.
Supporting Renewable Energy Goals
The Gnarwarre project is critically important for all of Victoria. It helps the state in its current progress towards an ambitious pursuit of renewable energy goals. FRV Australia is in the process of incorporating cutting edge battery storage technology. This action plants the company firmly in the middle of the state’s transition away from old coal and gas generation.
Carlo Frigerio, CEO of FRV Australia, called this project a game changer, adding,
“The financial close of Gnarwarre is a major step for FRV Australia as we expand our battery storage projects and strengthen our position as a leader in renewable energy in Australia. Large-scale storage like this is essential to provide firming capacity that supports a reliable and clean energy system. This project also helps the state of Victoria reach its ambitious renewable energy and net-zero targets. I want to thank our existing and new lenders and ARENA for playing a key role in making this possible.”
Innovative Technology Integration
One of the most interesting aspects of the Gnarwarre project is its use of pioneering grid-forming inverter technology. As Australia decarbonises its energy system, this technology is ever more essential if we are to keep our system with high proportions of renewables under control. Through its programming and research, it enables reliable integration of renewable energy resources into the grid in an efficient manner.
Thanks to the Kresge Foundation, we’re funded to do this work. This investment will allow us to design, install and operate bleeding edge technology, ensuring FRV Australia continues to lead the way in renewable energy solutions. The project is financed under FRV Australia’s portfolio facility, which closed in July 2024, demonstrating the company’s commitment to advancing sustainable energy infrastructure.
Strategic Expansion Plans
FRV Australia bought the Axedale project early in 2025. This project includes a combined solar and battery storage facility and is on top of the Gnarwarre project. This acquisition greatly enhances the diversity of renewable energy technologies offered by FRV. It further buttresses their longterm push to advance energy storage capabilities across the Mid-Atlantic region.
This strategic pipeline diversification across a range of projects, including solar and battery storage, reinforces FRV Australia’s commitment to helping Australia make the transition to renewable energy. The company is poised to have an outsized impact with the Gnarwarre and Axedale projects. It undoubtedly is making our energy landscape cleaner and more sustainable in many ways.
