Eku Energy achieves financial close on Williamsdale BESS
November 7, 2024
Eku Energy has announced the financial close for its Williamsdale Battery Energy Storage System (BESS) project in Canberra, in the Australian Capital Territory (ACT).
The 250MW/500 megawatt hours system, which will be powered by Tesla Energy’s megapacks, is a key component of the ACT government’s Big Canberra Battery initiative.
This project aims to store enough renewable energy to supply one-third of Canberra’s electricity needs during peak demand.
The system will connect to Evoenergy’s electricity distribution network and is expected to provide substantial support for Canberra’s energy security.
Eku Energy and the ACT government have partnered on a unique revenue swap arrangement, ensuring that a share of the revenue from the BESS’s activities in the National Electricity Market benefits the ACT.
In return for providing energy and essential grid services, Eku Energy will receive fixed quarterly payments from the ACT government until 2039.
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The project’s financial viability was further cemented by the contracted revenue stream and the selection of trusted partners, including Consolidated Power Projects (CPP) for the balance of plant and Tesla Energy for the megapack battery storage system.
Financial institutions Westpac, Sumitomo Mitsui Banking (SMBC) and MUFG Bank extended competitive debt finance.
Eku Energy will oversee the management of the Williamsdale BESS, which will commence operations in 2026, providing new job opportunities and skill development for the local workforce.
The Williamsdale BESS is set to operate in grid-forming mode, providing system strength services and fast-acting frequency control ancillary services.
Its integration into the network will facilitate the deployment of more renewable energy, aligning with the ACT government’s goal of net zero emissions by 2045.
Eku Energy CEO Daniel Burrows stated: “At Eku Energy, we focus on innovation to find bespoke ways of integrating revenue contracts, design, project execution and capital to meet the objectives of our partners to deliver clean energy solutions that are safe, secure and cost-effective.
“The Williamsdale BESS is a critical step forward in supporting the territory’s clean energy future and we are excited and proud to be one step closer to its delivery.”
In June 2024, Eku Energy unveiled its plan to increase global energy storage capacity to 9 gigawatt hours by 2028.
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