Macquarie's GIG and Shell to deliver enough storage capacity to power 80,000 homes
Ashurst has provided legal counsel to Macquarie Asset Management's Green Investment Group (GIG) and Shell Energy Australia in the development and financing of the Rangebank Battery Energy Storage System (Rangebank BESS) in Cranbourne West, Victoria.
The Rangebank BESS is a battery energy storage system with approximately 200MW or 400MWh storage capacity. Once operational, it will have the storage capacity to power the equivalent of 80,000 homes across Victoria for an hour during peak periods.
The Ashurst team, led by partners Chris Redden, Chris Skordas, Kate Phillips, and David Jardine, provided legal expertise on the project. They were assisted by a diverse team, composed of:
Rangebank BESS marks Shell Energy's first grid-scale battery investment in Victoria and its first direct equity investment in a utility-scale BESS worldwide. As part of the offtake agreement, Shell Energy will have access to 100 per cent of the battery's offtake over 20 years.
Redden expressed his delight in advising the clients and assisting in delivering the project.
"We are delighted to have advised Macquarie’s Green Investment Group and Shell Energy on the Rangebank BESS. It is exciting to work with such great clients and to assist in delivering grid scale firming capacity for energy users in Victoria," he commented.
