ZEN Energy, an Australian renewable energy company, partnered with Taiwanese firm HD Renewable Energy (HDRE) to kickstart a joint venture focusing on 1GW of energy storage in Australia.
This collaboration aims to establish a green energy platform named ZEBRE, targeting a 1.4GW investment potential.
ZEBRE will be created through HDRE II Trust, belonging exclusively to HDRE, and Zen Future, a part of ZEN Energy. The investment setup allocates a 70% equity share to HDRE, while Zen Future takes the remaining 30%. This was publicly announced on 8 November, alongside plans spanning energy projects in Australia, Taiwan, and possibly Japan. HDRE will also purchase 9.7% of ZEN Energy, investing AU$43 million (US$27.7 million).
Besides energy storage, ZEBRE plans to include solar PV development, expanding its technological reach. The target is 400MW of PV and 1GW of energy storage. ZEN Energy’s CEO Anthony Garnaut envisions this project furthering Australia’s energy transition, emphasizing the importance of long-duration and pumped hydro storage for a reliable power supply. Garnaut highlighted that global partnerships are vital for positioning Australia as a renewable energy leader.
The joint venture’s first renewable energy acquisition is the 210MW Solar River solar-plus-storage site in South Australia. This marks a significant step in their ambitious plan.
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