Gaw Capital Partners, a private equity firm, and BW ESS, a global investor in the energy storage sector and a division of BW Group, have jointly revealed the formation of Valent Energy.
This investment platform in Australia boasts a portfolio exceeding 1.6GW comprising utility-scale battery projects. Among these projects are three located in Victoria and New South Wales, all of which have obtained full approval and are poised for immediate construction.
Alongside Valent Energy, BW ESS has curated a portfolio exceeding 1.5GW of battery energy storage (BESS) projects in the UK and Nordic countries. Among these, more than 400 megawatt-hours (MWh) are presently under construction.
Established in 2021, BW ESS operates as a crucial component of BW Group, a global entity in the energy and maritime sectors. BW Group encompasses seven listed companies, boasting a collective market capitalisation surpassing $11bn.
Leveraging decades of expertise in strategic energy infrastructure investments within BW Group, BW ESS combines the advantages of scale and geographical diversity. This integration, alongside collaborations with top-tier suppliers, contractors, and financial institutions, positions BW ESS to deliver cutting-edge battery energy storage system (BESS) projects that lead the market.
Gaw Capital Partners, functioning as a private equity firm and asset manager overseeing assets totalling $33.7bn, has traditionally concentrated on real estate investments. However, it has recently expanded its scope to include diverse climate tech and renewable energy ventures. This expansion includes the acquisition of GMR Energy, a company engaged in developing battery energy storage system (BESS) projects across multiple states in Australia.
Collaborating within Valent Energy, Gaw Capital Partners and BW ESS are set to combine their financial resources, committing and organising a capital pool exceeding A$2bn. This funding will facilitate the construction of BESS projects and the ongoing expansion of a dedicated pipeline of developmental assets.
Presently, the portfolio encompasses eight batteries and one solar photovoltaic (PV) farm project. Notably, three of these batteries—Mornington BESS (240MW), Pine Lodge BESS (250MW), and Apsley BESS (120MW)—have obtained both development and connection approvals. They are currently in the final stages of contracting to commence construction. Additionally, three other projects within the portfolio are anticipated to secure connection approvals in the early part of the upcoming year.
BW Renewables managing director and BW ESS CEO Erik Strømsø said: “We are excited about the establishment of Valent Energy with Gaw Capital, as it forms part of BW’s commitment to the green energy transition. By leveraging the sector expertise, industry relationships and international experience of BW ESS, Valent will be well positioned to accelerate the growth of Australia’s energy storage capacity, enabling its transition to clean energy.”
