A Game-Changer for Renewable Energy
Herbert Smith Freehills (HSF), a global legal powerhouse, has played a pivotal role in advising EnergyAustralia on the development and financing of the groundbreaking Wooreen Energy Storage System (WESS). This 350 MW/1400 MWh battery storage project, nestled in Victoria’s Latrobe Valley, is set to transform the region’s energy landscape.
The WESS isn’t just another energy project—it’s a cornerstone of EnergyAustralia’s strategy to bolster energy storage capacity in the Gippsland region. With the impending retirement of the Yallourn power station in 2028, this project couldn’t have come at a better time. The battery system, supplied by Wärtsilä and supported by Zenviron’s balance-of-plant expertise, will ensure a reliable energy supply during peak demand periods.
Financing the Clean Energy Transition
The project’s financing is a testament to its significance. A consortium of leading banks, including ANZ, HSBC, and Westpac, has backed the initiative, with King & Wood Mallesons advising the lenders. This robust financial support underscores the confidence in EnergyAustralia’s vision for a cleaner, more sustainable energy future.
Alison Dodd, HSF’s Lead Energy Partner, emphasized the project’s importance: “The Latrobe Valley has a rich history of powering communities, and the WESS is a natural evolution of that legacy. It’s a critical step in supporting Australia’s energy transition goals.”
A Bright Future for Victoria’s Energy Grid
Elizabeth Charlesworth, HSF’s Lead Finance Partner, highlighted the system’s capabilities: “This battery storage system can deliver up to four hours of renewable energy, offering a cost-effective and reliable solution during high-demand periods. It’s a win-win for Victoria’s energy grid and its consumers.”
EnergyAustralia’s Managing Director, Mark Collette, echoed this sentiment: “The WESS is our largest single investment to date. It’s not just about meeting peak demand—it’s about enabling more renewable energy to enter the market, ultimately benefiting our customers.”
The project’s success is a collaborative effort, with HSF’s cross-practice energy and finance teams working tirelessly to navigate the complexities of development and financing. From legal counsel to financial structuring, every detail has been meticulously planned to ensure the WESS delivers on its promise.
Why This Matters
The Wooreen Energy Storage System is more than just a battery—it’s a symbol of progress. As Australia transitions to a cleaner energy future, projects like the WESS are paving the way for a more sustainable, reliable, and affordable energy grid.
