The Clean Energy Finance Corporation (CEFC) has committed $35.5 million in project finance to the 100 MW Capital Battery. The battery will provide critical network support, accommodating more clean energy towards the ACT's goal of net zero emissions by 2045.
Neoen, a leading proponent of renewable energy, has contributed equity and will own and operate the battery. Neoen has 576 MW of battery storage in operation or under construction in Australia.
CEFC CEO Ian Learmonth said, ‘As Australia raises its ambitions to reach net zero emissions with new targets, we must heighten our focus on developing the enabling technologies that will be critical to our success. Battery storage is key to our ability to decarbonise the energy sector.’
The battery will help modernise and stabilise the grid, performing multiple roles. These include firming renewable energy, supporting the transmission network, and providing frequency services. It is under construction in the ACT and on track to be operational in the first half of 2023.
[Image: battery installation construction site. Source, CEFC]