ARENA to fund 200-MW Hydrostor energy storage project in NSW
- The Australian Renewable Energy Agency (ARENA) has pledged to give financing for the building and construction of a 200-MW/1,600-MWh Advanced Compressed Air Energy Storage (A-CAES) facility at an obsolete mine in New South Wales to give at least eight hrs of storage.
The project was developed by Canadian long-duration energy storage specialist Hydrostor Inc. The company will certainly get AUD 45 million (USD 28.2 m/EUR 28.8 m) in grant financing from ARENA once the scheme achieves economic close, the Aussie agency stated on Friday.
The fuel-free energy storage system is readied to turn into one of the largest compressed air facilities worldwide. Hydrostor is anticipated to protect all required funds for its construction in late 2023. The approximated expense stands at AUD 652 million, that includes the repurposing of the obsolete mine as well as the style of an unique cavity for keeping the compressed air.
Dubbed the Silver City Energy Storage Project, the system will press air when electrical energy prices are low as well as shop it for subsequent release throughout durations of high prices as well as increased demand. The technology to be made use of is a different to pumped hydro storage energy.
Once in operation, the system will certainly give back-up power supply for the city of Broken Hill.
"Whether it be with pumped hydro, or cutting-edge options like pressed air storage, medium as well as long period of time storage is mosting likely to be vital to supplying power throughout the evening and morning peak-demand durations as Australia looks in the direction of achieving 82% renewable energy by 2030," claimed ARENA's chief executive officer Darren Miller.
