AGL invests in energy storage company and create renewables fund
Australia's AGL Energy Limited (AGL) has announced a US$20 million investment in Sunverge Energy a US-based energy storage and management company, and the launching of the Powering Australian Renewables Fund to invest in renewable projects.
On one hand, Sunverge is one of the international manufacturers and suppliers of batteries and intelligent battery fleet management systems and software. These capabilities enable owners to manage their own renewable energy generation efficiently. They also help utilities and energy service providers manage those renewable power sources and link them into ‘virtual power plants’ to meet peak energy demand across neighborhoods, communities and entire service areas.
AGL’s $20 million investment is part of a $36.5 million Series C round of funding alongside current investors Australian Renewable Energy Agency, SBCVC, Siemens Venture Capital and Total Energy Ventures International.
On the other hand, Powering Australian Renewables Fund will be focused on the development of new large-scale renewable generation projects. AGL proposes to seed the new fund with its solar projects at Nyngan and Broken Hill (155 MW) as well as taking a cornerstone equity stake. The new vehicle is expected to develop over 1,000 MW of renewable generation at a cost of between $2 to $3 billion.
Country news
-
-
February 10, 2016
AES Corporation and Mitsubishi sign energy storage alliance in Asia and Oceania
The AES Corporation, through its subsidiary, AES Energy Storage, and Mitsubishi Corporation today announced the signing of an alliance agreement under which Mitsubishi Corporation will work with AES and its local partners to offer the Advancion® energy storage platform in Asia and Oceania. Read more -
January 18, 2016
DIF Infrastructure IV acquires a 20 MW solar project in Australia
DIF Infrastructure IV is has announced the acquisition of 100% of the 20 MW Royalla solar photovoltaic power plant from Fotowatio Renewable Ventures (‘FRV’). Read more -
January 18, 2016
Financial close for Transgrid lease in NSW
NSW Electricity Networks (NSWEN) has closed financing for the 99-year lease of TransGrid, owner and operator of the electricity transmission network of the State of New South Wales in Australia. Read more -
January 14, 2016
ARENA shortlists 22 large-scale solar projects for funding round
The Australian Renewable Energy Agency (ARENA) today announced the short-list of projects invited to progress to the next stage of its $100 million large-scale solar photovoltaic (PV) competitive round. Read more -
January 11, 2016
Prothea and Shamrock CMP announce investment in Australian solar developer
Prothea Srl, the Milanese infrastructure & renewable energy advisory boutique led by David Armanini, and Shamrock CMP, a Spanish venture-capital firm guided by Guillermo Calonje Macaya, have established a consortium of Italian, Spanish and US investors for co-investing in ESCO Pacific PTY Limited Read more
