Federation Asset Management enters deal to acquire majority stakes in Riverina and Darlington Point BESS projects

Federation Asset Management Pty Ltd (Federation) has entered an agreement to acquire from Edify Energy (Edify) a majority interest in the co-located Riverina and Darlington Point Battery Energy Storage Systems (Riverina Battery Projects), which total a combined 150 MW/ 300MWh battery system. Edify will retain a minority interest in the projects.

Riverina BESS will be the seed asset for the Sustainable Australian Real Asset fund (SARA), a pure-play Australian energy transition fund managed by Federation. Edify will manage the construction and commissioning of the Riverina Battery Projects and will act as asset manager for the project throughout its operational life.

The battery storage projects are equipped with Tesla Megapack and have secured long-term offtake contracts with strong counterparties in Energy Australia and Shell Energy.