Macquarie Asset Management’s Green Investment Group and Shell Energy to deliver large-scale battery project in Melbourne

31 March 2023

Macquarie Asset Management’s Green Investment Group (GIG) and Shell Energy Operations (Shell Energy) are partnering to deliver a utility-scale battery energy storage system (BESS) in Cranbourne, Victoria.

Once fully operational, the 200MW / 400MWh Rangebank BESS will have the storage capacity to power the equivalent of 80,000 homes across Victoria for an hour during peak periods.

The project, to be built on two hectares of land within the Rangebank Business Park in Melbourne’s southeast, has reached financial close and is expected to be completed in late 2024.

Developed by GIG and Shell Energy, the project will increase Victoria’s renewable energy hosting capacity while providing essential system services aiming to support the safe, secure and reliable operation of Australia’s power system. Through an offtake agreement, Shell Energy will have access to 100% of the battery’s offtake over a 20-year period.

The partnership between GIG and Shell demonstrates how the combination of innovative offtake arrangements, when coupled with low-cost financing, can unlock the benefits of battery energy storage systems for end energy users.

“Grid-scale batteries are an essential element in the decarbonisation of the energy sector, and the need for storage solutions is growing rapidly. GIG is delighted to partner with Shell Energy to deliver this project which will help provide communities with reliable and flexible energy.”

Greg Callman
Global Head of Energy Technology, GIG

Shell Energy Australia Chief Executive Officer Greg Joiner said he is looking forward to working with GIG to bring improved reliability to energy consumers in Victoria.

"The Rangebank project is our first grid-scale battery investment in Victoria and marks Shell’s first direct equity investment in a utility-scale BESS globally. This signals Shell Energy’s commitment to accelerating the energy transition and contributing to growth of firming capacity.

Located in one of Melbourne’s fastest-growing population centres, the Rangebank BESS will help to stabilise Victoria’s state electricity supply by providing additional storage capacity which can be discharged at times of peak demand.”

Greg Joiner
Chief Executive Officer, Shell Energy Australia

The project is also supported by minority equity partner Perfection Private.

“Perfection Private is delighted to invest with GIG and Shell Energy to deliver the BESS at Rangebank. We are proud to demonstrate that with creative thinking, it can be commercially viable to enable a more sustainable energy future.”

Steven Murphy
CEO, Perfection Private 

The Rangebank BESS will be built, serviced, and maintained by Fluence, a global provider of energy storage products and services, and cloud-based software for renewables and storage, utilising Fluence’s latest Gridstack product.

“The Rangebank BESS project is another milestone for Fluence in Australia. We are thrilled to be able to partner with both GIG and Shell Energy Australia to deliver this important project.”

David Mikaeloff
VP Sales, APAC, Fluence

GIG and Shell Energy will continue to engage with local stakeholders as the project progresses.

GIG’s interest in the project will transfer to Eku Energy, a global battery storage platform which was established by GIG in 2022*. Eku Energy’s 4GWh development pipeline of digitally enabled, flexible, utility-scale storage projects will provide vital grid services in key markets around the world, including the UK, Australia, Japan, and Taiwan.

* subject to completion of transaction documentation.


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About Shell Energy

Shell Energy delivers business energy solutions and innovation across a portfolio of electricity, gas, environmental products and energy productivity for commercial and industrial customers, while its residential energy retailing business Powershop, serves households and small business customers across Victoria, New South Wales, South Australia and South-East Queensland.

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About Eku Energy

Eku Energy is a globally diversified and technology enabled energy storage business.

We develop, build, and manage energy storage assets that facilitate the delivery of reliable, clean energy and advance the energy transition. Our global portfolio of 4GWh of digitally enabled, flexible, utility-scale storage projects will provide vital grid services in key markets around the world.

Established by Macquarie’s Green Investment Group, Eku Energy’s purpose-built team brings together specialist technical capabilities, with experience across origination, development, system design, power markets and software optimisation. By combining technical, digital and financial innovation with a local partnership approach and data driven understanding of markets, we develop sophisticated revenue contracting strategies that maximise the benefits of energy storage systems in any given location.

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About Perfection Private

Perfection Private is a family-owned company which invests in innovation, across bio-medical, IT, sustainability, as well as property projects including the Rangebank Business Park. The Rangebank Business Park is a 20 hectare industrial estate located in Cranbourne West, proud home to the Rangebank BESS.

For more information about Rangebank Business Park visit

About Fluence

Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader in energy storage products and services, and cloud-based software for renewables and storage. With a presence in over 40 markets globally, Fluence provides an ecosystem of offerings to drive the clean energy transition, including modular, scalable energy storage products, comprehensive service offerings, and the Fluence IQ Platform, which delivers AI-enabled SaaS products for managing and optimizing renewables and storage from any provider. The Company is transforming the way we power our world by helping customers create more resilient and sustainable electric grids.

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