Macquarie’s Eku Energy Selected for Massive 500MWh Canberra Large Battery

The ACT government has selected Macquarie Group’s newly formed global battery group Eku Energy to build one of the country’s largest large batteries in the nation’s capital.

ACT has already reached the equivalent of ‘100% net’ renewable energy through a series of long-term contracts with wind farms and solar plants, and is now powering electric vehicles and homes. to increase its share of renewable energy. Plenty of storage.

Big Canberra Battery sizes are 250MW and 500MWh, or 2 hours of storage. If built now, it would be the largest in the country, but by the time it is delivered in late 2025, it will beat other battery installations, including the massive 1690 MWh Waratah ‘super’ battery in New South Wales. You are likely to be defeated.

The new battery will be installed in Williamsdale with a focus on supporting the grid during network outages, especially during peak times, preventing blackouts and bridging the gap between wind and solar supplies.

Enough renewable energy can be stored to power a third of Canberra for two hours during peak demand.

The big battery deal is yet another coup for the newly formed Eku Energy, which just got FIRB approval last week, while other Macquarie and Green Investment Group batteries, including the big Hazelwood and Rangebank batteries. Inherit property.

True to Macquarie’s style, Eku proposed an innovative financing arrangement with the ACT government for the battery.

This is done quarterly over 15 years, not to provide specific grid services like the contracts given to the likes of the Victoria Big Battery or Waratah Super Battery, but to provide guaranteed returns that help reduce capital costs. You will be paid for each

In return, Eku promised greater rewards to the ACT government in the long run by sharing the revenue from its business of selling batteries in the market. Quarterly payment details have not been disclosed.

The Big Canberra Battery is one of three large batteries in operation, under construction, or under construction at ACT. GPG’s 10MW/20MWh Queenbeyan battery is already in operation, and Neoen’s 100MW/200MWh Capital battery (pictured above) is nearing completion.

The Big Canberra Battery, expected to cost between $300 million and $400 million, will be developed, built and operated by Eku Energy, which beat out more than 40 parties in a bid conducted by the ACT government. Construction is expected to begin in late 2024 and be completed in 2025.

ACT intended to build a “network” of battery storage through tenders, but instead chose to install one large installation.

The announcement of the Big Canberra Battery means that ACT has already achieved its target of 250MW from its new Canberra Battery ‘ecosystem’, but it is important to note that it will go ahead and provide incentives for more batteries. is understood. Other small facilities.

“When we first announced the Big Canberra Battery project, we had three objectives in mind. Generating energy sources and improving Canberra’s energy security, this contract will achieve all three of these objectives.”

“As a combined network, this battery ecosystem will address network constraints, enable more Canberra residents to benefit from solar power, and create opportunities for the Northern Territory to reduce costs and generate revenue. can provide.

“ACT has been supplying 100% renewable electricity since 2020. Initiatives like this build on that success and focus on renewable energy that supports a robust, affordable and sustainable energy grid. It shows the viability of the energy.”

Daniel Burrows, Eku Energy’s Asia Pacific head and chief investment officer, said the company is accelerating the deployment of its battery assets in Australia, which is fully integrated into its global operations. I was.

“The Big Canberra Battery marks an important milestone for Eku Energy as it celebrates the delivery of its first GWh of battery energy storage in Australia,” he said in a statement.

“This will bring our global portfolio of battery energy storage assets to over 4GWh.” Eku has yet to select a battery provider for the Canberra project.

See RenewEconomy’s Big Battery Storage Map in Australia.