Baker McKenzie has advised Gaw Capital Partners ("Gaw Capital") on its partnership with BW ESS, a leading global investor in the energy storage sector and part of BW Group, to launch Valent Energy, an investment platform in Australia with over 1.6 gigawatts of utility-scale battery projects, including three in Victoria and New South Wales that are fully approved and ready-to-build.

Gaw Capital and BW ESS will pool their resources in Valent Energy, commit and arrange capital of over AUD 2 billion (USD 1.3 billion) to build the battery energy storage projects, and develop and grow its captive pipeline of development assets. The strategic partnership comes at an opportune time, in light of the Australian government's rollout of policy to support battery projects, and the record periods of negative prices during daytime solar floods.

Funds Partner Jason Ng led the Baker McKenzie team, with support from Senior Associate Isaac Yeung and Associates Lilian Wong and Nicola Liu. 

Commenting on the deal, Jason said: “We are very pleased to have assisted our long-standing client Gaw Capital on this transaction, which marks another milestone in the company's continual pursuit of expanding into climate tech and renewable energy-related investments, a sector that is poised to thrive as economies around the globe undergo energy transition. We look forward to continuing to support Gaw Capital with their legal needs as they further grow their thematic-driven investments portfolio across the region.”

This deal adds to the long list of transactions on which the Firm has advised Gaw Capital, including, among others, the formation and successful closing of Gateway Real Estate Fund VII, which raised USD 3 billion in total equity (including sidecar co-investments); the formation and successful closing of Gateway Real Estate Fund VI and Gaw Growth Equity Fund I, which respectively raised USD 2.2 billion in total equity (and another USD 800 million in sidecar co-investments) and more than USD 430 million in total equity (including co-investments); the HKD 9.845 billion acquisition of Cityplaza One from Swire Pacific and Swire Properties; and the USD 1.3 billion internet data center platform in China.
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