Gaw Capital Partners & BW ESS launch A$2bn BESS investment platform

January 25, 2024

Private equity firm Gaw Capital Partners and energy storage investor BW ESS have established Valent Energy, a A$2 billion investment platform in Australia with more than 1.6GW of utility-scale battery projects, including three in Victoria and New South Wales that are fully approved and ready-to-build.

In addition to Valent Energy, BW ESS has built a portfolio of more than 1.5GW of battery energy storage (BESS) projects in the UK and Nordic countries, of which more than 400MWh are under construction. Established in 2021, BW ESS is part of BW Group, a global energy and maritime group, including seven listed companies with a combined market cap of over US$11 billion.

Gaw Capital Partners is a private equity firm and asset manager with US$33.7 billion under management. Although primarily focused on real estate, it has recently diversified into various climate tech and renewable energy related investments, including the acquisition of GMR Energy, a developer of BESS projects across several states in Australia.

Valent Energy’s portfolio consists of eight batteries and one solar PV farm project. Three of the  batteries – the 240MW Mornington BESS, 250MW Pine Lodge BESS and 120MW Apsley BESS –  have secured development and connection approvals and “are finalising contracting to commence construction, with three other projects expected to secure connection approvals early next year”, a Gaw Capital Partners statement said.

Christina Gaw, managing principal, global head of capital markets & cochair of alternative investments of Gaw Capital Partners, said: “We are delighted to partner with BW in building this battery storage platform together. I am confident that Valent will combine our respective strengths in industry and capital markets to underwrite a successful delivery of the battery assets that are urgently needed in Australia’s energy transitioning space.”

Erik Strømsø, managing director of BW Renewables and CEO of BW ESS, added “We are excited about the establishment of Valent Energy with Gaw Capital, as it forms part of BW’s commitment to the green energy transition. By leveraging the sector expertise, industry relationships and international experience of BW ESS, Valent will be well positioned to accelerate the growth of Australia’s energy storage capacity, enabling its transition to clean energy.”