Federation Asset Management invests in the Riverina and Darlington Point BESS in NSW

Global law firm Norton Rose Fulbright has advised Federation Asset Management on its investment in the Riverina and Darlington Point Battery Energy Storage Systems (BESS) in New South Wales.

Federation Asset Management’s investment will constitute the seed asset for its Sustainable Australian Real Asset (SARA) Trust, a pure play Australian energy transition fund.

The Riverina and Darlington Point BESS, currently in development by Edify Energy (Edify), is a system of lithium-ion batteries that will serve to add more flexible dispatchable capacity to the NSW market and will complement the significant presence of renewable generation in the region. 

The development consists of three independent but co-located projects that will produce a combined total of 150 MW/300 MWh of power, with the potential to power more than 46,000 homes for two hours of peak demand before being recharged. The projects are scheduled for completion prior to the 2023/2024 summer, with all projects intending to be exporting in H1 2023, and will connect to Transgrid's Darlington Point substation.

The Norton Rose Fulbright projects and construction team advising Federation was led by partner Martin Irwin and assisted by associate Ellen Laughton. The team also included partners Noni Shannon and Steven Choi, and special consultant Claire Whitney. Partner and co-head of energy, Claire Forster, also advised on energy regulation. 

Martin Irwin commented:

“We are very proud to have supported Federation on this very important transaction for the electricity market and for Federation in seeding its new fund, SARA. The sale was also significant as the first contested auction for a BESS in Australia, with our client prevailing over several other prospective investors.”