Swiss investment firm SUSI Partners last week confirmed it would invest $A50 million into a residential solar-plus-battery storage project being developed by Perth-based Starling Energy Group, which it boasts will be the world’s largest Virtual Power Plant (VPP).
The investment was first announced back in July after the two companies reached an agreement to fund the project, but SUSI Partners announced confirmation of the $50 million last week. The asset manager is aiming to build Australia’s largest portfolio combining rooftop solar PV and battery storage systems.
“This new investment exemplifies our holistic approach in financing the energy transition,” explained Matteo Zanni, Director at SUSI Partners.
“By combining a community-focussed solution with the optionality of a VPP configuration, we place people at the center of the energy transition, while delivering fully contracted returns.”
The July announcement also revealed Starling Energy as SUSI Partners preferred global developer for VPP projects, installation manager, and VPP operator. In turn, SUSI Partners will be the sole financier to the projects.
“We’re really excited by what this agreement means. It will allow everyday West Australians to transform our energy system as fast as it takes to sign up online,” said Brian Innes, Starling