Eku Energy Finalizes Funding for 250-MW Battery Project

• Eku Energy secures funding for a groundbreaking 250-MW battery project in Canberra, set to revolutionize renewable energy storage and power grid stability by 2026.

Eku Energy has successfully achieved financial close on its 250-MW/500-MWh Williamsdale battery storage project located in the Australian Capital Territory (ACT). The UK-based battery platform, operating under Macquarie’s Green Investment Group, secured a revenue swap and a debt funding agreement with Westpac, Sumitomo Mitsui Banking Corporation, and MUFG Bank. Under a deal with the ACT government, Eku Energy will receive fixed quarterly payments for 15 years, while the government will share in the revenue generated by the facility.

Utilizing Tesla Energy’s Megapack technology, the Williamsdale Battery Energy Storage System (BESS) will connect to the Evoenergy electricity distribution network and provide essential frequency control and ancillary services. Scheduled to become operational in 2026, the facility aims to store renewable energy to meet the peak demand of one-third of Canberra for two hours. This project is part of the ACT's broader Big Canberra Battery initiative, designed to enhance the resilience and stability of the region's power grid.

How will the Williamsdale battery project impact Canberra's renewable energy and grid stability?

Impacts of the Williamsdale Battery Project on Canberra's Renewable Energy and Grid Stability

• Enhanced Grid Stability: By integrating a 250 MW/500 MWh battery storage system into the local grid, the Williamsdale Project will provide vital services that help stabilize the electricity network. This includes frequency regulation and voltage control, which are critical for preventing outages and ensuring a reliable power supply.
• Store Renewable Energy: The facility will allow for the storage of excess renewable energy generated during periods of low demand, primarily from solar and wind sources. By capturing this energy, the project can release it during peak demand times, facilitating a more consistent energy supply and reducing reliance on fossil fuel-based peaking plants.
• Support for Transition to 100% Renewable Energy: The Williamsdale battery is part of the ACT’s commitment to transition to 100% renewable energy by 2020 and beyond. By providing grid services that stabilize the system, this project will support the integration of more intermittent renewable sources, such as solar energy, into the grid.
• Economic Benefits: The project is expected to create jobs during the construction phase and ongoing employment opportunities related to operation and maintenance. Furthermore, the financial framework with the ACT government encourages a sustainable local economy while promoting renewable energy initiatives.
• Reduced Greenhouse Gas Emissions: By facilitating the storage and use of renewable energy, the battery will contribute to a significant reduction in greenhouse gas emissions associated with electricity production. This aligns with global efforts to combat climate change and supports local environmental goals.
• Meeting Peak Demand: The battery system is designed to meet the peak energy demand of one-third of Canberra for up to two hours, enabling a more efficient dispatch of electricity. This capability ensures that energy needs are met without overloading the grid or resorting to fossil fuel generation during peak periods.
• Advancements in Technology: Utilizing Tesla’s Megapack technology, the Williamsdale project represents a step forward in energy storage solutions. This high-capacity, efficient system is expected to set a standard for future projects and encourage technological innovation in the renewable sector.
• Increased Energy Resilience: The capacity to store and dispatch energy quickly enhances the overall resilience of Canberra’s energy supply. In the event of outages or unexpected demand surges, the battery can contribute to maintaining stability and reliability in service delivery.
• Community Engagement and Support: The project has likely been accompanied by community outreach efforts to ensure local stakeholders are informed and supportive. Close collaboration with the ACT government and public entities helps to align project goals with community interests.
• Long-term Revenue Generation: The fixed quarterly payment structure with the ACT government provides a stable revenue stream for Eku Energy, enabling further investments in renewable infrastructure and technology developments around Canberra.

Overall, the Williamsdale battery project is poised to play a crucial role in supporting Canberra's renewable energy ambitions and enhancing the stability of its electrical grid.