CEFC, Blackrock back 850 MW energy storage project in New South Wales

The Clean Energy Finance Corporation (CEFC) has pledged to invest US$66.5 million in the 850 MW/1680 MWh Waratah Super Battery (WSB) in Australia, the largest standby network battery from the Southern Hemisphere. The battery, situated at the site of a decommissioned coal-fired power station on the Central Coast of the state of New South Wales, is expected to play a vital role in the transition of Australia to net-zero emissions.

The WSB will unlock reserved transmission capacity in the state's network and provide consumers with greater access to low-cost clean energy while maintaining network security. The WSB is part of the Sydney Ring Project, identified as a priority project in the AEMO Integrated System Plan 2022, which maps the required investment to achieve 82% renewables by 2030.

Akaysha Energy, which was acquired by a fund managed by BlackRock's Infrastructure business in August 2022, was named the SIPS Service Provider following a competitive procurement process throughout 2022. Australian and global institutional and sovereign co-investors, including NGS Super, have raised more than AUD500 million (US$335 million) to advance the WSB's development.