ZEN Energy, HDRE acquire 210MW solar-plus-storage site via new Australian joint venture

Facebook
Twitter
LinkedIn
Reddit
Email
HDRE secured 9.7% of ZEN Energy shares in September 2024. Image: ZEN Energy.

Australian renewable energy developer ZEN Energy and Taiwan’s HD Renewable Energy (HDRE) furthered their partnership at the end of 2024 with plans to establish an Australian joint venture focused on solar PV and energy storage.

As confirmed on 23 December, the two companies will look to jointly launch a green energy investment and asset management platform called ZEBRE, with a total target investment capacity of 1.4GW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

ZEBRE will be established through HDRE II Trust, a trusted company wholly owned by HDRE, and Zen Future, a subsidiary of ZEN Energy. Under the current planned structure, HDRE Trust II will secure an equity ratio of 70%, with Zen Future obtaining the remaining 30%.

In a statement made public on 8 November, the two organisations mutually agreed to pursue energy storage and green hydrogen projects in Australia, Taiwan, and potentially Japan. Under the terms of the partnership, HDRE said it would subscribe for 9.7% of shares in ZEN Energy for AU$43 million (US$27.7 million).

Building on this initial agreement, ZEBRE will broaden the scope of the focus technologies by including solar PV. HDRE said the platform will look to develop 400MW of PV and 1GW of energy storage.

Commenting on the new partnership, ZEN Energy CEO Anthony Garnaut hailed the use of energy storage assets, referencing the potential of long-duration and pumped hydro in Australia’s energy transition.

“Long-duration battery storage, as well as the significant benefits of deep storage that pumped hydro provides, is the critical ingredient to ensuring a reliable, firmed supply of power as Australia transitions away from fossil fuels,” Garnaut said.

“Securing Australia’s place at the head of the rapid worldwide shift to clean energy and realising the economic opportunities of becoming a renewable energy superpower depend on having global partnerships.”

ZEBRE secures 210MW solar-plus-storage site in South Australia

Alongside the joint venture announcement, the two companies confirmed that the new entity had also secured its first renewable energy site, the 210MW Solar River solar-plus-storage site in South Australia.

The plant is being developed near Robertstown, around 125km north of Adelaide’s state capital. It will generate green electricity from approximately 400,000 solar PV modules and require around AU$540 million to fully construct.

The site includes plans for a 256MW co-located battery energy storage system. ZEN Energy, the site’s developer, is varying the development approval to allow up to 8-hours of duration but plans to proceed in the near term with 2.5-hours of storage capacity. The project will connect to the ElectraNet network via the newly constructed Bundey substation.

The Solar River project was successful in the first funding round of the expanded Capacity Investment Scheme in September, and ZEN Energy hopes construction on the site will begin in 2026.

As part of the creation of ZEBRE, ZEN has also entered into a tolling agreement for Solar River to ensure the project moves quickly to financial close and construction.

Read Next

September 10, 2025
Voltalia is seeking compensation for the ongoing curtailment of its Brazilian solar and wind fleet, which has exceeded expectations this year.
September 10, 2025
The CEFC has said that a coordinated approach to transmission in Pilbara, Western Australia, could save more than AU$30 billion over 25 years.
September 9, 2025
The US is forecast to reach between US$55-60 billion in clean energy tax credit monetisation in 2025, according to a report from clean energy financing technology platform Crux.
September 9, 2025
US solar tracker manufacturer Nextracker has acquired Origami Solar, a steel frame technology-focused company, for approximately US$53 million. 
September 9, 2025
Australia's National Electricity Market (NEM) broke records yesterday when renewables supplied 76.4% of total electricity demand, with solar power contributing nearly 60% of the record-breaking clean energy mix.
September 8, 2025
Euclid Power has raised US$20 million Series A round led by Venrock to develop AI-driven platform and services for renewables. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines