1414 Degrees (14D) is pleased to announce it has entered into an exclusivity Memorandum of Understanding (MoU) with Ovida Infrastructure Pty Ltd (Ovida) to explore partnering with 14D on the development of the Aurora Energy Project (Aurora). Ovida is a 100% owned subsidiary of Jemena Ltd (Jemena Group), one of Australia’s largest owners and operators of energy infrastructure with over $11 billion of assets under management and approximately 2,500 employees.
Under the terms of the MoU, 14D and Ovida will work together for the purpose of undertaking relevant project-related activities to enable both parties to make decisions regarding entering into an agreement in mid 2022, whereby Ovida may own an interest in the project. In executing the MoU, an initial payment of $300,000 is to be made by Ovida.
The initial focus of 14D and Ovida is exploring the development of a 140 MW / 140 MWh Battery Energy Storage System (BESS) with the final investment decision targeted in late 2022. As announced on the 25thNovember, the Aurora project near Port Augusta now includes Development Approval for a BESS up to 140 MW / 280 MWh, 70 MW Solar Photo-Voltaic array and 150 MW Concentrated Solar Power (CSP), sub-station and associated works that enable connection to the National Electricity Market (NEM).
Matt Squire, Chief Executive Officer of 14D said, “Jemena Group is one of Australia’s largest owners and operators of energy infrastructure with a track record of project delivery. We are delighted to be working towards a partnership with Ovida to progress the Aurora project. Having a partner with their technical and financial capability will accelerate not just its development but also its construction and operation. Aurora is an excellent site for establishing a long term dispatchable renewable energy power generation facility, which will increasingly be in demand as efforts to decarbonise accelerate and coal power stations close down in the NEM. Following on from our announcement in October regarding our SiBox technology project in collaboration with Woodside, 1414 Degrees is now well positioned with high calibre prospective partners for both of its core renewable energy activities”.