FRV Australia, a joint venture of Jameel Energy and OMERS Infrastructure, has achieved financial close on its largest battery energy storage project to date – the 250 MW/500 MWh Gnarwarre BESS located in Victoria.
The milestone was reached under FRV Australia’s portfolio financing facility secured in July 2024. Once operational, Gnarwarre will increase the company’s total installed solar and storage capacity to approximately 1.4 GW. Additionally, this will be cementing the FRV’s role as a key player in Australia’s clean energy transition.
Gnarwarre Battery Energy Storage System (BESS) project factsheet
Location: Victoria, Australia
Capacity: 250 MW / 500 MWh
Technology Used: Grid-forming inverters
Project Status: Financial close reached – August 2025
Funding Partners: Westpac, UOB, Intesa Sanpaolo, KfW IPEX-Bank, Export Development Canada
ARENA Grant: AU$15 million
FRV Total Green Energy Portfolio After Project Completion: 1.4 GW
Legal Advisors: White & Case (FRV), Allens (Lenders)
Why is it important
Gnarwarre will feature grid-forming inverter technology. This plays a key role in enabling the battery energy storage system to offer grid stability services traditionally provided by coal and gas plants.
The 250 MW/500 MWh Gnarwarre BESS project located in Victoria, Australia, will join the 100 MW/200 MWh Terang BESS, which is currently under construction, as part of FRV’s rapidly growing storage portfolio.
Also read: Fluence & AGL Launch Australia’s Largest Grid‑Scale Battery: 500 MW / 2,000 MWh Tomago BESS
Project financing for the Gnarwarre BESS in Australia
Financing was secured through a syndicate of five financial institutions, including existing partners Westpac Banking Corporation, United Overseas Bank, and Intesa Sanpaolo, joined by new entrants KfW IPEX-Bank and Export Development Canada.
The Clean Energy Finance Corporation (CEFC) also offered early-stage support but exited once the deal secured adequate commercial financing. Additionally, legal advice was provided by White & Case (for FRV) and Allens (for the lenders).
ARENA (Australian Renewable Energy Agency) also awarded a AU$15 million grant to the 250 MW/500 MWh Gnarwarre BESS located in Victoria through its Large-Scale Battery Storage Funding Round. This also offered support for the integration of the advanced inverter technology.
Key quotes
“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,” said FRV Australia CEO, Carlo Frigerio. “Large-scale storage like this is essential to provide firming capacity that supports a reliable and clean energy system.”, added Carlo.
FRV’s renewable energy portfolio
With nine operational PV plants across Australia and New Zealand and two major BESS projects now underway, FRV Australia is fast evolving into a powerhouse of clean energy innovation and storage integration.
Gnarwarre BESS will be a cornerstone of Victoria’s transition to net-zero, adding scalable, dispatchable storage to the grid. Its grid-forming inverters will not only enable advanced functionality but also help maintain energy system stability and frequency. These are essential as renewables take up a growing share of energy generation in the region.
Also read: Brazil’s Green Ammonia Plant, H2 Cumbuco, Gains Momentum with FRV and Envision Energy Partnership
Also read: Arevon Breaks Ground on 300MW Nighthawk Energy Storage Project in Poway, California
