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

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

December 1 (Reuters) – Macquarie Group’s Green Investment Asset Unit (MQG.AX) has teamed up with French Engie SA (ENGIE.PA) and US energy storage company Fluence Energy (FLNC.O) to build an energy storage project in Australia. Membership on Wednesday.

The project, funded by Engie Energy Group and Macquarie’s Green Investment Group, will be built on the site of the Hazelwood power plant currently closed 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 supply 150 megawatts (MWh) of energy, and is slated for completion and commercial operation by November next year.

“The energy storage system of Hazelwood batteries … will play a critical role in increasing the renewable energy capacity in Victoria, while providing additional network stability to the country,” the parties said in a statement.

The construction of the Hazelwood battery is already underway and network connection agreements have been reached, the announcement said.

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Sameer Manekar report in Bangalore; Official edit

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