Investment

Macquarie green investment unit to build battery storage project with Engie, Fluence

The logo of Australia’s biggest investment bank Macquarie Group Ltd adorns the main entrance to their Sydney office headquarters in Australia, October 28, 2016. REUTERS/David Gray

Dec 1 (Reuters) – Asset manager Macquarie Group’s (MQG.AX) green investment unit teamed up with France’s Engie SA (ENGIE.PA) and U.S. energy storage firm Fluence Energy (FLNC.O) to build an energy storage project in Australia, the companies said on Wednesday.

The project, funded by energy group Engie and Macquarie’s Green Investment Group, will be built at the site of the now closed Hazelwood power station in Victoria, and will be built, operated and maintained over a 20-year period by Fluence.

The Hazelwood project will be able to store and deliver 150 megawatt-hours (MWh) of energy, and is targeted for completion and commercial operation by November next year.

“The Hazelwood Battery Energy Storage System … will play a critical role in increasing renewable energy capacity in Victoria, while delivering further grid stability for the state,” the parties said in a statement.

Construction of the Hazelwood Battery is already underway and network connection agreements have been executed, the statement added.

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Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.


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