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Copyright 2023 Equis Development Pte. When I stepped out on my own, the thing that surprised me the most was that a lot of my relationships were premised on the basis that I was quite senior at Macquarie. He has held senior roles in energy infrastructure asset owners, developers, and consultancy firms engaged with renewable energy across wind, solar and storage in Australia, Europe, Central America and SE Asia. Will Others Follow? David Russell Investments, Australia & New Zealand Equis since 2010 Over 28 years of Asia-Pacific infrastructure investment and advisory experience, having raised and invested over US$5bn of equity for Asian private equity David Russell, Equis Chairman, said, "Equis has plans to invest US$1 billion in Taiwanese renewable energy, and we expect to play a leading role in developing the Taiwanese renewable energy market, to which the government has made a significant commitment. The Projects will involve a capital investment of approximately A$400 million. But what has changed is the level of desperation applied to the business when its your own. That grew to be OzHarvest. Greater Newcastle Area. David Russell VZIO stock SEC Form 4 insiders trading Save 397,400 tonnes of greenhouse gas emissions each year or the equivalent of removing 83,860 passenger vehicles from Australian roads. But most importantly, if you want to be successful, youll have to work hard. One of my early mentors said, David, if theres one thing I can teach you about doing business is that whatever you do, you must always act lawfully. And that has always stuck with me. DAVID: If youre intelligent, adaptable, and willing to work hard, you can be very successful without a legal or finance background. Its not all hindsight. We care about delivering the best outcomes for our stakeholders and our collective experience allows us to develop high quality projects. DAVID: I do. In 2005-2010, based in Seoul and Hong Kong, David established three infrastructure private equity funds, including one of the first and largest South Korean private funds. Dont Neglect Succession Planning, Manulife Singapore Offers Digital Payments Via PayNow, FWD Insurance Launches Electronic Claims Payments via PayNow, 1-Michelin-Starred Marguerite Shines With an Invigorating Spring Menu. DAVID: Theres an element of that. DAVID: Ive been forced to rethink of my priorities and came to the realisation that family is always number one to me. Andrew has over 20 years' experience with energy infrastructure projects, specialising in thermal energy project development and construction. We definitely know a lot of people, but this business was not built on that. This is firstly because Ive observed that as people become more autocratic, their decision-making becomes skewed and over time, they start to make costly mistakes, and very quickly theyre gone. "I understand now how people can love a person who does awful things. Empower. Craig Marsh settled upon a black McLaren with carbon-fibre trims. Out of jail: Cardinal George Pell on April 7, when he was released from Barwon Prison. Others Named David Russell. MELPOMENE: Large corporations are almost inevitably hierarchical. David Russell works as a Chief Executive Officer & Partner at Equis, which is a Finance company with an estimated 83 employees. The esteem that the businesswoman turned social entrepreneur is held in is revealed by the calibre of the blurbs on the cover: ABC journalist Annabel Crabb gets star billing above former governor-general Quentin Bryce, while Crabbs boss, ABC chair Ita Buttrose, has to make do with the back page. It works better for senior management, while the junior staff is more interested in salary and annual bonuses rather than something that could be paid out 5 or 10 years later. She tells CBD she will be based in Sydney, rather than the comparison sites Brisbane headquarters. DAVID RUSSELL: When we started the business, we decided to keep a low profile because we wanted our relationships with governments to stabilise. They used to work at Macquarie. MELPOMENE: They went silent because you left Macquarie? The newspapers report big losses and movies like Too Big to Fail contribute to that negative impression. Credit:Jason South. Business isnt as aggressive as its been dramatised to be. Modest Rally in Asian Equities Expected as Regional Economies Remain Supportive and Valuations Reasonable, Dubai-Based Real Estate Developer Omniyat Launches Ultra-Luxury Beachfront Residences, Singapore Buyers Show Strong Interest in Mixed-Use Development in Londons Vauxhall, This Residential Tower in Dubai Features Interiors by Pagani, What to Expect at the Newly Reopened I12 Katong Retail Mall, Are You a HNWI? MELPOMENE: Did your legal and finance background help you in this field? MELPOMENE: Have you ever been forced to rethink your life? David Russell is the founder and CEO of Equis, a company that evolved from its roots as a funds management business to an infrastructure asset development company, Equis Development, in 2019. These governments need to grow and theyre putting in place very stable regulatory regimes. And guess who was right? In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Biden Closes In on Order to Restrict US Investment in China Tech, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. MELPOMENE: Do you think that giving people ownership is the way to motivate them? One of my early mentors said, David, if theres one thing I can teach you about doing business is that whatever you do, you must always act lawfully.. DAVID: Skydiving! In Asia, power has always been the number one sector to invest in, not renewable energy. Ronni Kahn, founder of the OzHarvest Charity, has a memoir coming out, titled A Repurposed Life. I oversee, define, evolve, train, and advocate for enterprise standards and best practices related to Lean / Agile . being driven to the Seminary of the Good Shepherd. Our locally based staff boast a strong understanding of rural and regional Australia. Once I became nobody, a lot of those people actually went silenta number of them obviously felt that while our relationship was important, it was based on our work together. Its human to fear what you dont understand. He has delivered assets in Europe, Middle East and Australia. If anything we are quite an introverted group, but we knew what we were talking about. In 2011, David established Equis Energy. Marshs spending spree only came to light after he settled on his Mosman purchase of a 1940s house on waterfront reserve in Clifton Gardens from the Rosenthal family. He has previously been Middle East editor of Euromoney, editor of Asiamoney, investment editor of the Australian Financial Review and a correspondent on emerging markets and sovereign wealth for numerous publications worldwide. In addition, Equis has completed a further 33 utility scale renewable energy projects in Asia over the last 3 years or on average 1 project every 5 weeks. Vincenzo has over 15 years experience with renewable energy infrastructure projects, specialized in solar and BESS project development and construction. MELPOMENE: Skadden has a terrific reputation, how was it like working there? David is also . The firm focuses on the development, construction, ownership and operation of energy, including renewable and hybrid (gas and renewable) systems, bioenergy and waste processing, and waste recovery infrastructure, across Asia Pacific. DAVID: I sound really old when I say this [laughs], but I feel there is a generational shift. David currently resides in Singapore and was on Singapore Tatlers list of Most Influential People in 2016 and 2018. Marsh, a former Macquarie Group executive who joinedEquisin2014, isnt the only partner at the renewablesfundwho has splashed on his real estate dreams in recent months. These people deserve to be caught and punished, but they are certainly not the norm in the industry. We wish to honour the connection to Country of all Aboriginal and Torres Strait Islander peoples and pay respect to their Traditional Custodians and Elders past, present and emerging. Equis Funds Group CEO 2010 Equis Energy Director Equis Managing Director Education It plans to commit more than US$2billion into renewable energy and waste infrastructure assets across Australia, Japan and South Korea over the next twoyears. In the Netherlands, theyve started using solar panels on their bike paths, so in the future you might not need large scale solar panels. But he also told me theres no law stating that you cant act unreasonably [laughs]. In MinterEllison, you tend to work more with the general counsel but at Skadden, youre working directly with the CEO and CFOs. Additionally, David Russell has had 1 past job as the Senior Managing Director at Macquarie Group. A good thing, no doubt. They are part of C-Suite Department and their management level is C-Level. We started to participate because we saw an opportunity to make good money and invest in a growing sector. CRICOS Provider Code: 00132K. MELPOMENE: Was your background crucial to your success? Ed has managed $13b of electricity regulated and commercial assets as GM for AusNets Transmission and Distribution networks. Instabilities in the region may give others pause, but we seek opportunities amidst them to keep growing. Musk Made a Mess at Twitter. The estimated Net Worth of David Eugene Russell is at least $45.3 Million dollars as of 11 November 2021. He then completed his K-12 Art Education teacher licensure program at Metropolitan State College of Denver. All rights reserved. 1 George Street #23-03 One George Street, Singapore 049145 Tel: +65 6220 0040 Were working to restore it. Prior to joining Equis, Damian spent over 18 years at Macquarie and was the Head of Infrastructure, Utilities and Renewables (Australia and New Zealand) for Macquarie Infrastructure and Real Assets, one of the worlds largest infrastructure owners and developers. David Russell Helping Scaling SaaS and Renewables companies find the best talent Ireland. David Russell, Equis Funds Group CEO, said, "This year Equis expanded our renewable energy investments in both India and Japan, and added two major projects in the Philippines. Outside of work, its important to be approachable and to talk to people, grab a beer with them, and let them know that I shouldnt be treated differently. Building firm Davies Henderson, architect Christopher Doyle, gardening designer Paul Bangay and interior architect Thomas Hamel dont come cheap. The knock-down rebuild of the rear of the house will feature two linked pavilions and include a dining and kitchen space as well as rumpus room, a master bedroom and gym. Out of jail: Cardinal George Pell on April 7, when he was released from Barwon Prison. Ltd. Ed is a PhD-qualified grid connection expert with over 25 years of experience in renewable energy generation, transmission and distribution. Abigail Koch, Compare the Market general manager public relations, said they had been "smashed" by media requests. See reunion dates, update your details and give to BGS. The pieces, which covered the strategies big businesses used to trim their tax burden, ended up being rewritten and republished. MELPOMENE HUA: Why did you decide to be profiled after years of being under the radar? MELPOMENE: Does the intermittency of solar and wind energy coupled with the lack of storage capabilities mean theres a limit to how much you can invest? He led Equis development of wind and solar projects in the Philippines. Where: Developed markets across the Asia-Pacific region, with a primary focus on Australia, Japan, and South Korea. David is a Managing Director of Equis and has 28 years of infrastructure and private equity experience. MELPOMENE: You were well-connected and had the expertise, but was it still a risky move? But even if we were to assume no change in battery technology, over the next 4 or 5 years, we need another $1.1 trillion just for the renewable energy space in Asia. DAVID: When we first set up Equis, foreign investors wanted to talk about China and India, and they weren't focused on markets like Thailand and the Philippines. When I started out of university, my peer group worked really hard and they were more dedicated. Andrew has over 18 years in Australian large-scale renewable energy and has previously held senior positions at ENGIE, Goldwind and WSP where he was responsible for the development, construction, and delivery of primarily large-scale wind and storage projects. In India, Equis commissioned four wind projects in Andhra Pradesh, Madhya Pradesh and Gujarat with generation capacity of 206 MW, and a hydro project in Sikkim added another 96 MW of generation capacity. The former ABC chief economics editor is writing a book for Hardie Grant, Rewrite the Story. Taiwan is at a critical juncture in the development of its energy resources, and the award of the Chiayi solar project, after a very competitive . I was hoping that it would be a motivator for everyone, but thats me sitting here thinking about it as a 40-year-old. China Equities: Yesterdays Story or More Compelling Than Ever? Search. Roby has over 10 years experience of renewable energy transactions across Asia, completing over AUD$ 675m in deals. Prior to joining Equis, Liz held planning and permitting roles at Goldwind. Emma Alberici has landed a new gig, and, as promised, it's not on TV. Marsh was revealed as the buyer of a knock-down-rebuild in Mosman for $6.88 million, as well as a waterfront in Noosa Heads for about $4 million, also slated for redevelopment. Russell, who attended Brighton Grammar and Monash University, will be back on board this weekend to host his James Bond themed birthday party. Founding partner and chief executive David Russell has reportedly paid close to $20 million for the Melbourne estate in Brighton of cricket legend Shane Warne, and added a Noosa getaway of his own when he paid $18 million for the Sunshine Beach house of IT entrepreneur Danny Wallis. There is no substitute for hard work. As the former CEO and Chairman of Equis Energy, David raised and invested over AUD$ 7.9 billion of equity in independent and institutional infrastructure funds across Asia-Pacific. DAVID: Yes, and theyve gone down a certain path that they may not even be aware of until they eventually just take it too far in trying to make money. Its a matter of how theyll be utilised. We felt that we deserved to be paid well because we were certainly working hard. He was charming and once flew her to Hong Kong for dinner. DAVID: People dont understand the industry, its very complex and even I dont understand some parts of it. That makes you focus harder, question harder and dig deeper until youre personally satisfied with solutions. David Russell, Equis Group CEO, commented, As Asias largest renewable energy developer and investor, the Tailem Bend Solar Project represents an exciting expansion into Australia for Equis and an unique opportunity to leverage our development and construction expertise to deliver low cost, large scale, reliable renewable energy for Australian consumers., Mr Russell noted, By developing the Tailem Bend Solar Project and Snowy Hydro diesel projects together, the combined system will have the capability of providing stable power any time of the day across the entire year. Liz has over 14 years' experience of statutory planning experience within the infrastructure and renewable energy sector in Australia. Its important to humble yourself. Pell, according to CBD spies, was seated at the middle of a long table, with about a dozen people, and knew some of the guests at smaller tables flanking the high table. Kahn thought Anton was like Cary Grant. Snowy Hydro is a leading integrated energy business in Australia which currently owns and operates 5,500MW of generation capacity across Australia, including the iconic 4,100MW Snowy Hydro-electric Scheme. DAVID: Technology and mindsets are evolving rapidly. DAVID: I get people coming out of Europe and the U.S. saying that theyre worried about Asian re-regulation risk and governments taking away our assets, but that happens even in Southern Europe. Mr Russell, the co-founder of Equis an offshore private equity group, has slapped a caveat on Shane Warne's Melbourne mansion in a deal worth close to $20m and is believed to be readying to fork out a further $22m for a Noosa beachfront home in what is a record price for the Queensland holiday region. Will His AI Plans Be Any Different? He has delivered assets across the Asia-Pacific. "It was like the last supper," one onlooker said. Interest is certainly high. At one point, Pell who was dressed in what one observer described as "priestly regalia" gave a short speech and toast. In October 2017, Equis sold Equis Energy to a Global Infrastructure Partners led consortium for US$5 billion, the largest renewable energy transaction in history at the time. If you benchmark me against our local project developers, Im risk-averse; but if you benchmark me against a credit guy from a central bank, youll probably view me as risk-seeking [laughs]. Ltd. Industry: Private Equity Position: Chief Executive Officer & Director Ownership Type: Individual Date Status Acquired: 10/01/2010 Ownership Stake: Less than 5% Employment Details Company/Fund Name: Equis Pte. MELPOMENE: Do you find that theres a biased perception against the financial industry, particularly after the 2008 financial crisis? That also affects performance and I think its partly why some investors prefer independent managers because the alignment of interest is stronger. Construction of the Collinsville North Solar Project is expected to commence in 2017. MELPOMENE: Warren Buffet said that a big problem in the boardroom is that nobody wants to criticise the CEO. Equis, in partnership with the Sinan Municipality, is also establishing a fund through which the local community will invest into the project, enabling residents to benefit from Jara's long-term stable income stream. DAVID: My legal background helped me because it gave me discipline and an eye for detail. I think that helps people remain human in this business. Readers will recall Pell spent his first night of freedom upon his release in the Carmelite Monastery in Melbournes Kew, before being driven to the Seminary of the Good Shepherd in Sydney's Homebush. He led Equis development of wind and hydro projects in India. Hlne Darroze in Conversation With Violet Oon, DPR Construction Used Technology for the Construction of Curtin Singapore Without Physical Meet-Ups, How to Work With Family, and Still Like Each Other, Making Sense of Interest Rates Is Common Sense, Singapore Bond Markets: Sit Back, Lie Flat, Bond Market Thoughts: Sitting Around Waiting to Catch Covid, Union Bank of the Philippines to Issue First Social Bond, Inflation Rule of Thumb Means You Should Not Buy Bonds. in Painting/ Art History from the University of Tulsa. We acknowledge that our school is on the Country of the people of the Kulin Nations. Find out more. That deal was a second innings for the spin bowler. US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate. My mentor at that time made a habit of calling me for work even at 1 a.m. And they have a 24-hour turn over, so no matter how late your client meeting ends, you have to finish your work by the next day. MELPOMENE: Is what you know or who you know more important? Prior to joining Equis, Vincenzo held roles with Canadian Solar, Raygen Resources, ABB and various European solar companies and technology providers. MELPOMENE: Given that R&D in this sector is changing so quickly, are you concerned that your solar and wind facilities might become obsolete? Ltd. Russell received his M.F.A. We think in 5 years, it will revolutionise utility-scale power and in 10 years, it may completely revolutionise power. So while I was growing and being mentored, I had that slight frustration. Over there, our local guys are empowered to identify and drive growth from bottom up. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today. That is unheard of in other places but that was the Skadden mindsetthey were tough and uncompromising. in Public Practice from Otis College of Art and Design in 2011. Separately, development approval has recently been obtained from the Whitsunday Regional Council for a 100MWAC solar project in Collinsville North, Queensland, Australia (Collinsville North Solar Project), to be constructed on land close to the Collinsville North substation. Additionally, he has held various senior roles with companies such as WePower, AbsoluteClimo, European Energy Exchange, ASX Energy and Deutsche Bank. In the spirit of reconciliation Equis acknowledges the Traditional Custodians of Country throughout Australia and their connections to land, sea and community. He is the current Head of Legal for Equis in Australia and is responsible for all legal matters internally and associated with projects. What: Equis is focused on the development, construction, ownership and operation of energy, including renewable and hybrid (gas and renewable) systems, bioenergy and waste processing, and waste recovery infrastructure assets. HSBC Orion tokenizes commercial bank money and sterling bonds, PrivEx brings syndicated loan-trading platform to Europe. DAVID: They worked hard. We built this business in Asia from the ground up and none of our major investors were brought over from Macquarie. But obviously within large institutions like Macquarie, there are limits to how much an individual can influence the direction of the business. He has also written two books. But there are a number of governments that came up with programmes to encourage investments in renewable energy. But what were we adding back to society? We are committed to using innovative, responsible and sustainable practices to help Australia reach a carbon free future. MELPOMENE: Steve Jobs said that you can only connect the dots looking backwardsis that true of your experiences? Did you feel restricted by that? DAVID: The plant operations, business development and growth are in other Asian countries such as the Philippines, Japan and India. DAVID: Definitely. ", Emma Alberici has landed a new gig, and, as promised, it's not on TV.Credit:ABC. David Russell, Equis Managing Director, stated "Jara represents a pivot by Equis into more integrated renewable energy Senectus et netus et malesuada fames ac turpis egestas sed. Theres a whole bunch of things on there that I really dont want to do [laughs]. In 10 years, buildings can be fitted with solar panels and your phone could double as a storage device. He studied Law/Economics at Monash University and worked as an energy and utilities lawyer with Skadden, Arps, Slate, Meagher & Flom in Washington and with Minter Ellison in Melbourne. . His work has included regulatory advice, project delivery advice, and transactional advice. So by removing the glass ceiling, we dont lose our senior people as we grow. David Russell who has made his fortune as the cofounder of Singapore-based private equity group Equis has been spending time aboard the impressive vessel with his family. Save 407.2 million litres of water each year (when compared with the water usage of coal fired power plants). Its not just gratuitous giving. DAVID: The level at which you can supply renewable energy into the grid is actually quite highfor example, Germany is at around 50% now and theyre targeting 100%. DAVID: When we first set up Equis, foreign investors wanted to talk about China and India, and they werent focused on markets like Thailand and the Philippines. MELPOMENE: What gave you the foresight to begin investing in renewable energy in 2011? Bryce Paterson is a legal professional with over 10 years of experience both internationally and domestically in Australia. As the CEO and Chairman, David grew Equis Energy to become Asia-Pacifics largest renewable energy generator. 2023 Tatler Asia Limited. My partners and I put everything into this businessfinancially and personallyand if it were to fail, we would sink with the ship. Chief Executive Officer @ Equis; Senior Managing Director @ Macquarie Group; Education. You cant teach smarts, you either have a certain level of capability or you dont, and you have to be adaptable in this business. Our purpose is to help current and future generations of Australians and we wont stop until we doso. MELPOMENE: How do you envision the use of renewables in ten years time? She wasnt joking. But her kids thought he was a phoney. Some $1.3 billion of that was assumed liabilities, but still, it was a landmark: $3.7 billion of equity, the vast majority of it in unrestricted cash. Vignesh has over 7 years experience in infrastructure investment and development across Asia. David is Chairman of the Che Sara Sara Foundation, a not-for-profit that supports vulnerable parents and children in crisis in Russia, Uzbekistan and the Philippines. We wish to honour the connection to Country of all Aboriginal and Torres Strait Islander peoples and pay respect to their Traditional Custodians and Elders past, present and emerging. Shane Warne sold the Brighton mansion for about $20m in 2018. For the guys underneath me, there were only so many senior positions available and it created frustration for those competing for it. Yes, Only if Its Forma. When I interview young people now, I hear more and more of them talk about work-life balancesomething that we never talked about when I was younger. He sold Equis Energy, which he founded in 2011, for (US) $5bn in 2017. You see people in boardrooms using some of the terms that we do use in the industry, but the portrayal is largely inaccurate. Do you worry about that? David Russell 1) Director, Clinical Research, Institute for Neurodegenerative Disorders; 2) Senior . In 1998, David joined Macquarie Group, where he spent 12 years. Daniel LeeGroup Head, Corporate CommunicationsDaniel.lee@venaenergy.com, Juwon ChaeGroup Head, Sustainability and Investor RelationsIR@venaenergy.com. David is a Managing Director of Equis and has 28 years of infrastructure and private equity experience. Were sorry, this feature is currently unavailable. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX, CEO/Partner/Co-Founder, Equis Funds Group. I use a decision tree in that process and find that if you have the ability and willingness to think through the entire tree, you can map out where youre heading with a fair degree of certainty. It could become micro power grid systems where power is generated and distributed locally. DAVID: Yeah, a number of them obviously felt that while our relationship was important, it was based on our work together, so they were more likely to do business with Macquarie than some guy whos just starting out. Its interesting you asked because Im moving house now and while packing I came across my bucket list that I wrote with one of my daughters. "He was sitting in the middle of a long dinner table, and there was no one sitting opposite. The project will be Taiwan's largest solar project and was part of a twosite public tender.Equis won both tenders, and in accordance [] Now the four-car basement garage is expanding to fit six, while the basement will accommodate a theatre, rumpus room, wine cellar, arcade room, plus a "modelling/crafts" room. Equis Energy , AsiaPacific's largest renewable energy IPP, has been awarded a contract by Taiwan's Ministry of Economic Affairs' Bureau of Energy (BOE) to develop a 70.2 MW solar project in Chiayi County's Yizhu Township. You can only aspire to be like them. DAVID: Thats the million-dollar question. Privacy Policy. How: Equis covers every stage of a projects lifecycle including origination, development, design construction, and engineering, to operation and maintenance, asset management, and performance optimisation. Brighton Grammar old boy puts new $5.9m spin on Shane Warne's former pad. Several months earlier a consortium led by Global Infrastructure Partners (GIP), with partners including the China Investment Corporation sovereign wealth fund, had agreed to buy the renewable energy asset portfolio of Equis, a Singapore-headquartered independent infrastructure asset manager, for $5 billion. Marshssplurgefollows the US$5 billion sale of renewable energy firm Equis Energy to US fund Global Infrastructure Partners in January, billed in financial media as the largestrenewable energy generation acquisition in history. Damian has 23 years of infrastructure investment experience, with over 17 years experience in Asia Pacific, and has completed over AUD$ 27 billion of transactions across various sectors including renewable and conventional energy, telecommunications, waste, greenfield development, PPPs, and transportation. To be developed entirely by Equis, the Tailem Bend Solar Project and Collinsville North Solar Project will bring the number of renewable energy projects under development and construction by Equis to 49. Asia-Pacific-focused renewables designer Equis Development Pte Ltd has actually taken control of an AUD-1.9-billion (USD 1.28 bn/EUR 1.23 bn) battery energy storage space project near Melbourne, Victoria, and is now relaunching it with a new name as well as increased capacity.