Eku Energy has achieved financial close for the Williamsdale Battery Energy Storage System (BESS) in the ACT.
The 250 megawatts (MW)/500 megawatt-hour (MWh) system, part of the ACT Government’s Big Canberra Battery initiative, will store renewable energy to power approximately one-third of Canberra for two hours during peak demand periods.
Daniel Burrows, Chief Executive Officer at Eku Energy said the company focuses meeting the objectives of its partners to deliver clean energy solutions that are safe, secure and cost-effective.
“The Williamsdale BESS is a critical step forward in supporting the Territory’s clean energy future and we are excited and proud to be one step closer to its delivery,” he said.
Elias Saba, Chief Technology Officer at Eku Energy said the company is delighted to reach this important milestone for the Williamsdale BESS.
“This project highlights how innovative revenue contracting models play an important role in advancing the development of large-scale battery projects, enabling value creation for the ACT Government and the ability to secure financial backing to deliver a low-cost energy storage solution,” he said.
Eku Energy has teamed with the ACT Government in an innovative revenue-sharing arrangement, allowing the Territory to benefit from the battery’s participation in the National Electricity Market (NEM).
In return, Eku Energy will receive fixed payments over 15 years, a partnership model that attracted competitive financing from Westpac, SMBC, and MUFG Bank.
The project will use Tesla Energy’s Megapack battery storage technology, with Consolidated Power Projects (CPP) handling construction and Balance of Plant supply.
Expected to be operational by 2026, the Williamsdale BESS will provide grid-stabilising services, such as frequency control and system strength support, facilitating the deployment of additional renewable energy on the network.
This milestone marks Eku Energy’s seventh global project to reach financial close, reinforcing its commitment to clean energy solutions as the company expands its footprint with nearly fifty projects under development in Australia, the UK, Japan, and Italy.
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