Developers of giant batteries designed to smooth the shift from coal to cleaner power are attracting record levels of investment.
Developers of giant batteries designed to smooth Australia’s shift from coal to cleaner power are attracting unprecedented global financing deals to start installing even bigger systems across the country.
Most of the batteries installed so far across the country exhaust their stored energy within one to two hours of output and are mainly used to supply urgent discharges to maintain system frequency. Akaysha chief financial officer Andrew Wegman said the size of the debt-financing deal – involving the Commonwealth Bank, ANZ and Westpac, as well as foreign lenders such as BNP, ING and Rabobank – was a record for any battery storage project globally.
Central to Akaysha’s financing deal is a 12-year “virtual toll” offtake agreement with Australia’s third-largest power supplier, EnergyAustralia. This agreement enables the company to notionally charge and discharge 200 megawatts of the plant’s capacity within agreed daily bidding parameters. With most of the nation’s coal-fired power stations due to close in the next decade and a federal government target for the grid to source 82 per cent of its power from renewables by 2030, BlackRock has previously said that Australia has “risen up the rankings” to become one of the most attractive destinations for private capital to invest in the energy transition.
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