The Australian Government’s Green Bank has contributed A$100 million ($66 million) to finance the 850 MW/1,680 MWh Waratah Super Battery project. The project, which aims to support Australia’s transition from coal-fired power plants to renewable energy sources, has received a total of 500 million Australian dollars in funding.
US investment giant BlackRock has raised more than AU$500 million, including an investment commitment of AU$100 million from Clean Energy Finance Corp. (CEFC), to help finance the Waratah Super Battery in New South Wales.
The Waratah Super Battery (WSB), being built by BlackRock battery Akaysha Energy north of Sydney, is designed to release latent transmission capacity in the existing transmission system. It helps integrate renewable energy and maintain grid reliability by acting as a “shock absorber” during power peaks.
Akaysha has a contract to supply a battery capable of providing a guaranteed continuous active power capacity of at least 700 MW and a guaranteed usable energy storage capacity of at least 1,400 MWh. The company plans to sell 150 MW/280 MWh additional capacity on the electricity market and possibly release it outside of peak hours.
Charlie Reid, head of climate infrastructure for Asia Pacific at BlackRock, said the battery would add reliability and resilience to the electricity grid and help Australia meet its renewable energy targets.
“We firmly believe that battery storage is today’s critical technology, used both in small-scale homes and large battery platforms such as the Waratah Super Battery,” said Reid.
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