Maoneng partners with Gaw Capital in 1.9GW portfolio

Categories: Gaw Maoneng Renewables

Renewable Energy Developer Maoneng partners with Gaw Capital in 1.9GW portfolio

  • Real estate private equity firm Gaw Capital Partners, enters the renewable energy sector with an investment in Maoneng Group’s Australian business through its growth equity arm, Gaw Growth Equity Fund I.
  • Gaw Maoneng Renewables will fast track development of over 1.9GW of utility-scale battery energy storage and solar power generation in six projects across Victoria, New South Wales and South Australia.
  • Under the partnership, Gaw Capital Partners will lead in securing equity and debt financing for the construction of existing projects and with an estimated capex of over A$2 billion.
  • Maoneng’s lead project, Mornington BESS, is expected to break ground in the first quarter of 2023.

19 October 2022, Sydney, Australia: Real estate private equity firm Gaw Capital Partners has entered Australia’s fast growing renewable energy sector with a majority investment in Maoneng Group’s Australian business, the developer of one of the largest portfolios of battery energy storage systems (BESS) in Australia.

Gaw Maoneng Renewables (GMR) will fast-track the development of six major projects in Victoria, New South Wales and South Australia with a total of 1.9GW in battery storage and solar power generation, and explore new renewable energy opportunities.

The six major projects include:

  • the Mornington BESS in Victoria and the Gould Creek BESS in South Australia, both of which have received Development Application approvals;
  • three BESS projects in NSW, which applications have been lodged for; and
  • the planned Merriwa Energy Hub which encompasses both battery storage and solar generation in one of the few remaining large-scale sites in the state fit for purpose.

The estimated capex for the construction and build out of the portfolio is upwards of A$2 billion and will be secured in the form of equity and debt through the support of Gaw Capital Partners and its existing stable of institutional investors with an interest in Australian renewable energy infrastructure.

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.

The lead project of the new joint venture will be the 240MWp/480MWh Mornington BESS, which is scheduled to commence construction by the first quarter of 2023 having already received both development and connection approvals.

Morris Zhou, GMR Chief Executive and Managing Director, said: “We are very excited to partner with Gaw Capital in building out our renewable energy portfolio, including six battery storage projects.

“The transition to renewable energy in Australia is accelerating under this government’s policy, and batteries are a key piece to the puzzle in facilitating higher grid penetration by solar and wind. The partnership allows us to focus on the job and to get it done sooner.”

Christina Gaw, Managing Principal, Global Head of Capital Markets and Co-Chair of Alternative Investments of Gaw Capital Partners, said:

“With the growing interest conveyed to us by many of our institutional investors to allocate capital to tangible assets in the clean energy and ESG space in Asia and Australia, we are very pleased with the opportunity to back one of the largest energy infrastructure investments in support of Australia’s energy transition away from fossil fuels.”

Herbin Koh, Director, Head of Venture and Growth Equity of Gaw Capital, said: “We have been looking for some time at a suitable entry into the clean energy investment sector, and utility-scale batteries underpin the dispatchable energy requirements for the grid to transition from its mix from coal and gas to renewable energy generation.

“We are pleased to work with Morris and the Maoneng team to lead the way and expect to expand GMR significantly in the coming years through the development and investment in renewables.”


Media contact:

Peter Laidlaw, Lighthouse Communications 0419 210 306

Louise Green, Lighthouse Communications 0479 101 274

Camille Lam, Gaw Capital Partners +852 2583 7717/+852 9884 9198

About Maoneng

Maoneng is an Australian-founded and owned group that is pioneering Australia’s transition to 100% renewable energy through cutting-edge solar, battery and other utility-scale energy projects.

Maoneng partners with Australia’s largest utilities and organisations to build and operate these projects. Its portfolio includes nearly 300 MW of generation power from the Sunraysia Solar Farm in NSW and the Mugga Lane Solar Park in the ACT, which is enough to power over 50,000 homes across Australia. Maoneng is also in the process of building more than 1.9GW of utility-scale battery energy storage system and solar power generation projects across Australia.

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About Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally. Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects. Gaw Capital has raised seven commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia hospitality fund, a European hospitality fund, a Growth Equity Fund and it also provides services for credit investments and separate account direct investments globally. Gaw Capital has raised equity of US$21.9 billion since 2005 and commands assets of US$34.3 billion under management as of Q2 2022.

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