Hamilton Locke is pleased to have assisted Enervest on the sale of the 1.0 GWh Stoney Creek Battery Energy Storage System (‘BESS’) to NYSE-listed global energy storage solutions provider, Energy Vault. With an estimated construction value of $350 million, this landmark transaction underscores Hamilton Locke’s expertise in supporting significant infrastructure projects within Australia’s renewable energy sector.
The Stoney Creek BESS is a flagship project for Enervest, with a storage capacity of 1,000 megawatt-hours and eight hours of dispatchable energy. Located in New South Wales, the facility is designed to enhance grid stability and facilitate the seamless integration of renewable energy generation. The project has been awarded a long-term energy services agreement (‘LTESA’) with a term of up to 14 years by the Australian Energy Market Operator, securing its position as a critical asset in Australia’s renewable energy transition.
Enervest, established in 2008, is an Australian-owned company specialising in the development, construction, and operation of renewable energy assets, including both generation and storage solutions. The Stoney Creek BESS marks Energy Vault’s inaugural fully owned and operated BESS in Australia.
The transaction is subject to the satisfaction of certain conditions precedent.
Commenting on the transaction, Hamilton Locke Partner Jo Ruitenberg said: “We are delighted to have assisted the Enervest team on the sale of its Stoney Creek BESS to Energy Vault. This transaction represents a significant milestone for Enervest, as well as Australia’s energy storage capacity and grid reliability.”
Enervest’s Chief Executive Officer Ross Warby said: “Hamilton Locke has been an invaluable partner throughout this process. Their team’s expertise, dedication, and understanding of the renewable energy sector have been pivotal in ensuring the successful execution of this landmark transaction. We are thrilled to have worked with such a professional team who consistently demonstrated exceptional support and insight.”
The team at Hamilton Locke comprised of Partner Jo Ruitenberg, Special Counsel Adriaan van der Merwe, Senior Associate Kylie Zih, Lawyer Ally Frizelle and Lawyer Christine An, with assistance from specialist team members Margot King, Andrew Vincent, Amelia Prokuda, Seema Sandhu, Kaday Conteh, Anushka De Alwis, Catherine Nufer, Joanna Wang and Raymond Deng.
