The project is being financed under FRV Australia's portfolio facility closed in July 2024 and brings the company’s total installed solar and storage capacity in the region to approximately 1.4 GW.
Located in southern Victoria, the Gnarwarre Battery Energy Storage System (BESS) will incorporate grid-forming inverters, a technology designed to provide key grid stability services traditionally delivered by synchronous generators like coal and gas.
Gnarwarre is FRV Australia's second large-scale BESS following the 100 MW/200 MWh Terang project, which is currently under construction. Together, these projects reflect FRV’s expanding footprint in integrated renewable infrastructure.
“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,” said Carlo Frigerio, CEO of FRV Australia, in an August 2025 press release. “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.”
The Gnarwarre project is backed by a syndicate of five major financial institutions:
The Clean Energy Finance Corporation, part of the original lending group, supported early financing efforts but stepped aside after sufficient private capital was secured.
The Australian Renewable Energy Agency (ARENA) also awarded the project a AU$15 million ($10M) grant as part of its Large-Scale Battery Storage Funding Round. The funding supports the deployment of grid-forming inverter technology—considered vital for stabilizing high-renewables grids.
Legal advisory was provided by White & Case for FRV Australia and Allens for the lending institutions.
FRV Australia, a subsidiary of Jameel Energy and OMERS Infrastructure, operates nine utility-scale photovoltaic facilities across Australia and New Zealand, surpassing 1 GW of operational capacity. With the addition of Gnarwarre and Terang, its battery storage portfolio alone will total 350 MW.
This expansion aligns with national priorities to reduce emissions, integrate more renewable energy, and maintain grid resilience as coal-fired power stations retire across the National Electricity Market (NEM). Victoria, in particular, has committed to achieving 95% renewable electricity generation by 2035 and net-zero emissions by 2045.
Large-scale battery storage projects like Gnarwarre are increasingly viewed as foundational to grid stability in a decarbonizing world. Unlike traditional inverters, grid-forming inverters enable batteries to maintain voltage and frequency control, facilitating seamless integration of variable renewables.
By prioritizing advanced inverter technologies, FRV is not only delivering capacity but also supporting functional stability, a key to managing Australia’s increasingly decentralized and intermittent energy supply.
