The Gnarwarre project is financed under FRV Australia’s portfolio facility closed in July 2024.
The Gnarwarre BESS, FRV Australia’s largest battery project to date, was financed through a portfolio financing facility established in July 2024. Upon completion, the company’s portfolio will reach a total installed capacity of approximately 1.4 gigawatts (GW). The project secured funding from a syndicate of five institutions: Westpac Banking, United Overseas Bank, Intesa Sanpaolo, KfW IPEX-Bank, and Export Development Canada. The Clean Energy Finance Corporation provided early-stage support, while White & Case advised FRV Australia and Allens represented the lenders.
The Australian Renewable Energy Agency (ARENA) contributed a A$15 million grant through its large-scale battery storage funding initiative. This funding will enable the integration of advanced grid-forming inverter technology, essential for maintaining grid stability as Australia shifts from coal and gas-based power generation.
FRV Australia CEO Carlo Frigerio emphasized the project’s importance: “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. Large-scale storage like this is essential to provide firming capacity that supports a reliable and clean energy system. This project also helps the state of Victoria reach its ambitious renewable energy and net-zero targets. I want to thank our existing and new lenders and ARENA for playing a key role in making this possible.”
FRV Australia’s portfolio includes nine photovoltaic facilities across Australia and New Zealand, with over 1GW of capacity, and two large-scale BESS projects totaling 350MW. Earlier in 2025, the company acquired the Axedale project, a combined solar and battery storage facility, from ACEN Australia, further diversifying its renewable energy assets.
The Gnarwarre BESS underscores FRV Australia’s role in advancing Victoria’s renewable energy goals while enhancing energy security through innovative storage solutions.
