Australian renewables expert and inaugural chief of the Clean Energy Financial Corporation Oliver Yates has taken up a new role as chair of GMR Energy, an aspiring energy storage developer whose Australian plans so far include six big batteries, one of which is underway in Victoria.
GMR last year took over the assets of renewables developer Maoneng and its portfolio of at least six battery storage projects, keeping on many of the company’s executives, including CEO and co-founder Morris Zhou.
This makes GMR the developer of one of the largest independent portfolios of energy storage assets in Australia, with projects in New South Wales, Victoria and South Australia, and an energy hub in NSW’s Upper Hunter.
And as a Gaw Capital Partners portfolio company, it gives the Australian big battery pipeline the solid foundation its Hong Kong parent firm’s more than $A55 billion under management.
The addition of Yates to the GMR board – with his experience leading the federal government’s green bank, on top of 15 years at Macquarie bank financing renewable energy projects – further strengthens the company’s prospects.
“There could not be a timelier moment to invest in large scale batteries amidst the rollout of substantive government policy support to … facilitate the growing penetration of renewable energy generation,” said Yates in a statement on Wednesday.
Zhou says the company hopes to use Yates’ wealth of experience to progress the buildout of GMR’s battery assets, and to identify new opportunities.
“With his guidance, GMR Energy is certain to forge a path of commercial success in line with government, social and community objectives,” the CEO said.
Before being bought up by GMR, Maoneng was a minor shareholder in the Sunraysia solar project that run into delays and cross-claims between the owners and contractors, and owned the troubled Mugga Lane solar farm that had to be sold after its bankers complained of a breach of its loan covenants.
Following the takeover, GMR has started early works with Victorian transmission company AusNet on its Victorian battery project on the Mornington Peninsula in the state’s south east.
In April, GMR said it had entered into an “early works” agreement with AusNet to build the connection needed for the 240MW, two hour Mornington battery that it hopes to finish by the end of 2024.
At that time, the company had not yet reached financial close for the $330 million project, but GMR said it aimed to “fully fund” the project, presumably with the backing of Gaw Capital Partners.
It also signed a deal back in 2019 to deliver 200MW and 400MWh of battery storage to AGL across four sites, including Sunraysia and near Lismore in the state’s north. But the status of those projects and that contract – hailed at the time as the “dawn of the battery age” – is not clear.
GMR has also obtained development and planning approval for its Gould Creek BESS in South Australia and says its other four projects also are progressing well, with development applications lodged.
RenewEconomy is seeking further comment from Yates and GMR.
