Enervest Signs Landmark Sale and Funding Agreement with Energy Vault

News
18.03.2025
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The 125MW / 1,000MWh Stoney Creek Battery Energy Storage System (BESS), which recently secured a prestigious 14-year Long-Term Energy Services Agreement (LTESA) from the Australian Energy Market Operator (AEMO) Services, is set to be acquired and funded through a landmark agreement with NYSE-listed global energy storage solutions provider, Energy Vault.

The Stoney Creek BESS with an estimated construction value of AUD $350 million, demonstrates Enervest’s ability to develop high-quality energy projects while securing strategic funding and partnerships. It strengthens Australia’s energy backbone, enhances grid reliability, and delivers real benefits to local communities by supporting jobs, driving regional development, and ensuring a more resilient energy future.

Project Highlights:

  • 150 construction jobs created, with four full-time operational roles post-Completion.
  • Early works expected by Q4 2025, with construction commencing in mid 2026.
  • A cornerstone project within the NSW Government’s Renewable Energy Roadmap, supporting the state’s decarbonisation goals.
  • Positive engagement with Traditional Owners, community groups, and local councils to ensure a collaborative, sustainable development approach that maximises local benefits.
  • A major step toward expanding Australia’s energy storage capacity, reinforcing grid reliability and resilience.

Ross Warby, Chief Executive Officer, Enervest, commented:

“We are pleased to transfer ownership of Stoney Creek BESS to Energy Vault while continuing to provide end-to-end technical and development services. This ensures a structured transition to financial close and the delivery of a high-quality infrastructure project for the North-West Slopes region. Robert Piconi and the Energy Vault team have been instrumental for us in securing the LTESA and bringing this agreement to life, and we look forward to continuing our collaboration to deliver a high-quality project for the region.”

“We also extend our gratitude to the Australian Energy Market Operator (AEMO) Services for their leadership and to the Narrabri Aboriginal Land Council (LALC) and the Gomeroi community for their continued collaboration. Enervest acknowledges the Traditional Owners of the land where this project will be developed and remains committed to working with Narrabri Aboriginal Land Council (LALC), local councils, and community groups to foster authentic and genuine engagement. This includes maintaining transparency, respecting cultural values, and delivering long-term benefits.”

Robert Piconi, Chairman and Chief Executive Officer, Energy Vault, noted:

“Enervest has already laid a strong foundation and built meaningful relationships with the Narrabri Aboriginal Land Council (LALC) and the Gomeroi community. Our engagement is characterised by structured dialogues with LALC members and local stakeholders, driven by Energy Vault’s commitment to further enhancing our collaborative efforts. Under Ross’ direction, Enervest is distinguishing itself in the global energy sector from development to deployment and together, we look forward to delivering long-term benefits to Australia’s energy backbone for many years to come.”
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Founded in Australia in 2008, Enervest is a pioneering developer, constructor and operator dedicated to building grid resilience and serving as the backbone of Australia’s energy infrastructure.

All media enquiries contact:
Marcus Thompson: +61 474 857 687
marcus.thompson@enervest.com.au