Eku Energy, an energy storage project developer, announced that it reached financial closure for its 250 MW/500 MWh Williamsdale battery energy storage system located in the Australian Capital Territory (ACT). Tesla will supply Megapack technology for the project.
Consolidated Power Projects will supply the Balance of Plant as Eku Energy’s appointed construction partner and Eku Energy will manage the project.
The project is a part of the ACT Government’s Big Canberra Battery project, connecting to the Evoenergy electricity distribution network. The project will be operating in grid-forming mode and can provide system strength services along with fast-acting frequency control ancillary services.
Eku Energy partnered with the ACT Government to develop an innovative revenue swap arrangement under which the ACT will receive a share of the revenue from the project’s participation in the National Electricity Market. Additionally, the project will deliver a range of energy and essential grid services. In exchange, Eku Energy will receive fixed quarterly payments over a period of 15 years from the Territory.
Westpac, Sumitomo Mitsui Banking Corporation, and MUFG Bank will provide debt financing for the project.
According to the company, the project is expected to be operational in 2026. Once completed, the battery energy storage system will have the capacity to store renewable electricity, enough to power one-third of Canberra for two hours during peak demand periods.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, energy storage project funding in 9M 2024 saw a record $10.1 billion raised in 35 deals compared to $6.8 billion in 26 deals in 9M 2023.
In October, Scatec, a renewable energy solutions provider, announced the financial closure of the 103 MW/ 412 MWh Mogobe battery energy storage system in South Africa. The project is located near Kathu, Northern Cape.
