ZEN Energy secures A$70m in funding from Stonepeak for Australian BESS

March 19, 2024

ZEN Energy has secured around A$70 million (US$46 million) funding from Stonepeak to facilitate the construction of the “second largest energy storage project in South Australia’s electricity network”, the company said.

ZEN Energy’s 111 MW / 291 MWh Templers Battery Energy Storage System (BESS) is located 60 kilometres north of Adelaide, South Australia.

Anthony Garnaut, CEO of ZEN Energy, said: “Templers BESS is a key milestone in ZEN’s significant growth and marks our first substantial asset, in the State where we started. The South Australian Government, through committing to a long-term contract with a renewable retailer has enabled this significant investment in further stabilising the supply of renewable, affordable energy into South Australia. Stonepeak and Peak Energy’s commitment to ZEN will enable us to continue to bring more renewable assets to the grid in South Australia.”

Darren Keogh, senior managing director at Stonepeak, added: “ZEN has built a strong business through a combination of long-term customer contracts and renewable PPA offtake agreements and we are excited by the Company’s growth trajectory and potential impact on the energy transition in Australia. We look forward to partnering with ZEN as they continue working on Templers BESS and building out their pipeline.”

Gavin Adda, CEO of Peak Energy, said: “Peak Energy is delighted to be working with ZEN to bring Templers BESS towards commercial operations and support the development of future projects in the region.”