Energy Vault gets 1GWh BESS
Energy storage firm Energy Vault has completed its acquisition of the 125MW/1GWh Stone Creek battery energy storage system in Narrabri, New South Wales, after obtaining approval for the deal from Australia's foreign investment review board.
Energy Vault announced plans in March to acquire Stoney Creek from Enervest, an Australian renewables developer. Stoney Creek has an estimated construction value of A$350m (U$228.3m) and has a 14-year energy services agreement from the Australian Energy Market Operator. The project connects to the grid via Transgrid's Narrabri substation.
Hamilton Locke advised Enervest on the sale.
Energy Vault also announced a A$300m preferred equity investment in the launch of Asset Vault, which will consolidate Energy Vault's portfolio of 3GW and more than 12GWh of projects identified, acquired and in operation, including Stoney Creek.
