Author: PPD Team Date: 07/11/2024
Eku Energy has reached a financial close on its 250MW/500MWh Williamsdale Battery Energy Storage System (BESS) project in Canberra, ACT, marking a significant advancement in the ACT government’s Big Canberra Battery initiative.
Powered by Tesla Energy’s megapacks, the system will help store renewable energy to meet one-third of Canberra’s electricity needs during peak demand.
The Williamsdale BESS will connect to Evoenergy’s distribution network, bolstering Canberra’s energy security and supporting the region’s net zero emissions target by 2045.
Under a unique revenue swap agreement, Eku Energy will receive fixed quarterly payments from the ACT government until 2039 in exchange for contributing energy and grid services, with revenue from the National Electricity Market also benefiting the ACT.
With Consolidated Power Projects (CPP) handling the balance of plant and Tesla Energy providing battery storage, the project is backed by financial institutions Westpac, Sumitomo Mitsui Banking (SMBC), and MUFG Bank. Set to commence operations in 2026, the Williamsdale BESS will operate in grid-forming mode, enhancing system strength and offering frequency control ancillary services essential for grid stability.
Image Credit: Eku Energy.