Financial close for 300 MW/450 MWh Battery storage project in Australia
Neoen has reached financial close on its 300 MW/450 MWh Victorian Big Battery, one of the world’s largest battery storage projects located near Geelong, in Victoria, Australia.
The project will be delivered in collaboration with Tesla and network partner AusNet Services. Owned and operated by Neoen, the Victorian Big Battery will be providing stability to Victoria’s transmission network.
Financing of the Victorian Big Battery was completed just three months after Neoen secured a 250 MW grid services contract with Australian Energy Market Operator (AEMO). The project will be funded by a combination of equity provided by Neoen and AUD160 million (USD124 million) senior debt facility provided by the Clean Energy Finance Corporation (CEFC), on behalf of the Australian Government.
Construction has already commenced, providing a well-timed economic boost for the Geelong region, with the project on track to be delivered before the next Australian summer. The System Integrity Protection Scheme (SIPS) contract will run until 2032, unlocking up to 250 MW of additional peak capacity on the existing Victoria to New South Wales Interconnector (VNI) over the next decade of Australian summers. Under the contract, the battery will provide an automatic response in the event of an unexpected network
outage, providing AEMO with an additional resource to ensure grid stability.
The Victorian Big Battery will contribute to the dispatchable resources needed to underpin the increasing share of renewable energy that
will make up Australia’s future energy mix.
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