Melbourne-based financial infrastructure and energy partner Jeremy King led a team advising Tesla on delivering South Australia’s VPP, providing cheaper and cleaner energy to residents of social housing properties.
The team consulted on all aspects of SA VPP, including financial, regulatory and insurance issues to facilitate access to discounted energy deals for thousands of vulnerable families in low socioeconomic neighborhoods.
Commenting on the victory, Jeremy King said: “This was a highly complex, innovative and transformational project that played a vital role in improving access to renewable and affordable energy across South Australia.
“As the first VPP of its kind in Australia, there was no plan or precedent for us to follow. We are proud to have supported Tesla in launching a project so important that it will have a genuine impact on sustainable energy in the region.”
The project incorporated bespoke contracts for solar and battery systems distributed on the roof, orchestrated as a fleet operating as a grid-scale power plant. SA VPP uses Internet connectivity and proprietary cloud-based software to charge or discharge energy batteries, trading them on the National Energy Market.
Pinsent Masons worked closely with the financial advisor, Planum Partners, to provide the financing solution for SA VPP. Clean Energy Finance Corporation, Australia’s ‘green bank’, continued to invest in Australia’s transition to reduce emissions by deploying senior debt to the project.