United States group Energy Vault Holdings will buy the Stoney Creek Battery Energy Storage System (BESS) in New South Wales from the privately-owned Enervest Group.
No price was disclosed for the purchase of the 125 megawatt (MW) / 1,000 megawatt hour (MWh) rechargeable battery system, but Enerrgy Vault said it had a construction value of US$220 million (A$350 million).
Energy Vault said the Stoney Creek BESS had a 14-year long-term energy service agreement (LTESA) from the Australian Energy Market Operator and would deliver long term, economic revenue streams with high cash flow generation.
Chairman and Chief Executive Officer Robert Piconi said this marked a significant milestone for Energy Vault in Australia and an acceleration of its “own and operate” growth strategy to deliver sustainable, long-term revenue streams with high cash flow.
“With the strong foundation established by Enervest, we are now accelerating this critical project under the LTESA structure to deliver long-duration storage that enhances grid resilience and supports Australia’s clean energy transition,” Piconi said in a statement.
“We look forward to delivering long-term benefits to NSW’s electricity market and consumers for many years to come.”
Enervest Group Chief Executive Officer Ross Warby said the energy development and services company was pleased to transition ownership while continuing to provide end-to-end development services, a seamless pathway to financial close, and a high-quality infrastructure project.
“Energy Vault’s partnership has been highly valuable in securing the LTESA for this project, and we look forward to continued collaboration as part of our mission to advance Australia’s energy future,” Warby said in the statement.
Shares in Energy Vault (NYSE: NRGV), which develops and operates utility-scale energy storage solutions, closed down US$0.24 at $0.90, capitalising the company at $136.92 million.
