Singapore-headquartered clean energy developer Vena Energy has raised A$1.4 billion (US$970 million) in green finance to support 614MW of solar PV capacity and 1,141MWh of battery energy storage systems (BESS) in Australia.
The financing was supplied by a range of lenders, including BNP Paribas, ING Bank and the Sumitomo Mitsui Banking Corporation, and is split across two transactions.
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The first transaction “supports” 294MW of operational solar PV capacity—although the company did not specify how this money would be used at the projects—alongside 320MW of solar capacity and 408MWh of BESS that is currently under construction. The second transaction will support two “adjacent” BESS projects under construction in New South Wales, with a combined capacity of 583MWh, and the 150MWh BESS component of the Wandoan South Project currently in operation in Queensland.
“This is a significant milestone for our Australian business and a strong endorsement of the quality of our solar and battery strategy and assets,” said Vena Energy head of Australia Owen Sela.
“By aligning financing structures with complementary assets, we are able to continue scaling our Australian platform and delivering infrastructure that supports grid stability, reliability and the integration of more renewable energy into the system.”
Vena Group CIO Simone Grasso added that Australia is a “key market” within the company’s portfolio, and this week’s financing follows the start of expansion work at the solar PV component of the Wandoan South project last year. The company has also divested from projects in other regions, having sold a 6GW renewable energy portfolio to Indian independent power producer (IPP) Inox Clean Energy last month.
