Battery Energy Storage Systems Market to expand with New Projects being taken up by Australia
Posted On March 22, 2021
The Australian Government has recently revealed that it would be investing the country's resources in Energy Storage Projects, also being referred to as the Victorian Big Battery. The project is set to produce about 450 MWh (megawatt hours) of electricity.
The project is expected to prevent blackouts in important parts of Australia, namely Victoria and New South Wales as these are the two states that are highly populated, especially during the summer months. Providing energy for these two populous states is possible as the Victorian Big Battery would enable Australia to double the capacity of its first utility-scale battery. This project might lead to a boost in the Battery Energy Storage Systems Market as it is an exemplary case in which utility-scale batteries can facilitate electricity networks so that they can better support the involvement of renewable energy in the market.
The country has given the responsibility of this project to Neon, a French company. The project was won at $ 160 Million and is considered cheap finance as the Australian Government is invested in helping the company fund the battery. Neon secured financing of this project just three months after winning a tender as it is responsible for supplying up to 250 MW of capacity to Victoria State, Australia. The company has its hands full with a project that will be set to be one of the world’s biggest batteries.
CEFC (Clean Energy Finance Corp) has decided to provide debt for the project as it is excited to push the country towards projects that provide cheap electricity while also being cleaner and more reliable in nature. Another exciting thing about the project is that Tesla Inc will provide its Megapack technology for this endeavor. Collectively all these factors and partners like AusNet Services and Tesla being part of the project, makers are optimistic that the project will get completed around the coming summer of 2022.
This will also be a good move for the Australian country as an investment in an environmentally friendly project that will provide affordable electricity to the country is good news for the people living there as it makes for a win-win situation for the masses as a whole. Furthermore, this project might be the start of the set-off projects coming in the future that will emphasize the reduction of carbon emissions and being more environmentally acceptable.