THE project to build one of the southern hemisphere\u2019s largest batteries has reached a funding milestone that could provide a much-needed boost for the region\u2019s economy and the state\u2019s grid security.<\/p>\n
Last year it was confirmed Victoria\u2019s Big Battery will be built at 250 Steiglitz Road, Moorabool – about nine kilometres from Bannockburn and would be among the biggest storage facilities in the world.<\/p>\n
The project is being undertaken by Neoen, in collaboration with Tesla and AusNet Services, and the $160 million price tag will be provided by Clean Energy Finance Corporation on behalf of the Australian Government.<\/p>\n
The money invested by CEFC will go towards the design, construction and operation of the 300-megawatt battery.<\/p>\n
The project aims to provide stability for the state\u2019s transmission network, as well as a boost to the region\u2019s economy during the construction period.<\/p>\n
Federal Minister for Energy and Emissions Reduction, Angus Taylor, said the project would go a long way to support Victorians recovering from losses endured during the pandemic.<\/p>\n
\u201cAfter the challenges of COVID-19, this is more important now than ever to support jobs, families and businesses in Victoria,\u201d he said.<\/p>\n
\u201cWe are working to ensure electricity prices do not hold Victorian industry back and this project is crucial to that objective.\u201d<\/p>\n
Construction has begun on the battery with the project anticipated to be complete before next summer.<\/p>\n
Louis de Sambucy, managing director for Neoen in Australia, said the news comes as an important \u201cfinancial milestone.\u201d<\/p>\n
\u201cI would like to thank the CEFC for their renewed trust and commitment towards supporting innovative storage solutions,\u201d he said.<\/p>\n
\u201cWith the help and hard work of our partners, Tesla and AusNet Services, we are looking forward to playing our part in helping Victoria reach its ambitious target of 50 per cent renewable energy by 2030.\u201d<\/p>\n
CEFC CEO Ian Learmonth said the investment is a result of the Federal Government\u2019s commitment to energy storage as a priority under the Technology Investment Roadmap.<\/p>\n
\u201cEnergy storage supports cost effective, reliable, clean electricity and is a key component of Australia\u2019s transition to a low emissions economy,\u201d he said.<\/p>\n
\u201cThis project is a world-class example of how utility scale batteries can help electricity networks support a higher penetration of renewable energy.\u201d<\/p>\n
Under the System Integrity Protection Scheme, the stat battery should provide an additional 250 megawatts of peak capacity on the existing Victoria to New South Wales interconnector.<\/p>\n
Neoen has estimated the project will create more than 80 jobs during construction and a total of six ongoing positions.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE project to build one of the southern hemisphere\u2019s largest batteries has reached a funding milestone that could provide a much-needed boost for the region\u2019s economy and the state\u2019s grid security. Last year it was confirmed Victoria\u2019s Big Battery will be built at 250 Steiglitz Road, Moorabool – about nine kilometres from Bannockburn and would […]<\/p>\n