Neoen completes financing for 300 MW 'Victorian Big Battery' project in Australia
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Artist's impression of the Victorian Big Battery. Image: Victoria State Government
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French renewables developer Neoen has secured AUD 160m (£90m) from the Australian government to finalise funding of its planned 300 MW / 450 MWh ‘Victorian Big Battery’ – one of the world’s largest battery energy storage projects.
Neoen said support from the government’s Clean Energy Finance Corporation (CEFC) completed financing for the project near Geelong, in the state of Victoria, three months after Neoen was awarded a 250 MW grid services contract by the Australian Energy Market Operator (AEMO).
The total cost of the project was not disclosed, but Neoen, which will own the facility, said it is being funded by a combination of equity the company has provided in addition to the CEFC funding.
'Project on track'
Tesla’s Megapack lithium-ion battery tech will be deployed for the facility and construction is already under way.
Neoen Australia’s MD Louis de Sambucy said: "With the help and hard work of our partners, Tesla and AusNet Services, we are on track to deliver this project before the next Australian summer and are looking forward to playing our part in helping Victoria reach its ambitious target of 50% renewable energy by 2030.”
The facility will provide an automatic response in the event of an unexpected network outage, providing AEMO with an additional resource to ensure grid stability.
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300 MW 'Victorian Big Battery' project announced for Australia
Neoen said support from the government’s Clean Energy Finance Corporation (CEFC) completed financing for the project near Geelong, in the state of Victoria, three months after Neoen was awarded a 250 MW grid services contract by the Australian Energy Market Operator (AEMO).
The total cost of the project was not disclosed, but Neoen, which will own the facility, said it is being funded by a combination of equity the company has provided in addition to the CEFC funding.
'Project on track'
Tesla’s Megapack lithium-ion battery tech will be deployed for the facility and construction is already under way.
Neoen Australia’s MD Louis de Sambucy said: "With the help and hard work of our partners, Tesla and AusNet Services, we are on track to deliver this project before the next Australian summer and are looking forward to playing our part in helping Victoria reach its ambitious target of 50% renewable energy by 2030.”
The facility will provide an automatic response in the event of an unexpected network outage, providing AEMO with an additional resource to ensure grid stability.
Related articles in our archive:
300 MW 'Victorian Big Battery' project announced for Australia