The Waratah Super Battery, which will be crucial in Australia’s transition from coal to renewable energy, will be paid for in part by more than $500 million raised, according to global asset management BlackRock, including a $100 million equity investment from the Clean Energy Finance Corporation.
One trillion dollar battery The Waratah battery will function as a sort of enormous “shock absorber” for the system, allowing power to flow into the key load areas near Sydney, Newcastle, and Wollongong at maximum capacity and safeguarding against any significant disruptions.
It will be one of the largest batteries in the world and the largest battery of its kind in the southern hemisphere at 850MW and 1680MWh.
While the remaining battery capacity will concentrate on other areas of the expanding battery storage industry, up to 700MW and 1400MWh of the battery capacity will be contracted to provide the “shock absorber” service during various peak hours.
The battery is being developed by BlackRock’s recently acquired battery offshoot Akaysha Energy, but it has received significant backing from both the CEFC and an undisclosed amount from NGS Super. On the NSW Central Coast, where the decommissioned Munmorah coal generator had stood, construction on the battery began in May.
The battery will increase the electricity grid’s dependability and resilience, according to Charlie Reid, co-head of climate infrastructure for BlackRock in the Asia Pacific region, and will assist Australia meet its goals for renewable energy.
In a statement, Reid stated that “we firmly believe battery storage is the critical technology of today” and that it can be used for both large-scale battery platforms like the Waratah Super Battery and small-scale battery applications in individual homes.
The post Over $500 million is raised by BlackRock for the Enormous Waratah “shock absorber” Battery appeared first on Insights Success.