Eku Energy partner with ACT Government to deliver the Big Canberra Battery
The ACT Government is future-proofing Canberra’s energy supply by expanding its renewable energy storage with a new partnership with global specialist energy storage business, Eku Energy, launched by Macquarie’s Green Investment Group.
The Government has partnered with Eku Energy to deliver the next stage of the Big Canberra Battery with a large-scale battery storage facility in Williamsdale.
The Big Canberra Battery project will provide renewable energy security across the electricity grid, help the ACT grow its renewable energy sector, provide more local employment opportunities, and deliver a positive financial return for the Territory.
The battery project has a key objective of supporting the electricity grid during network outages, particularly in peak periods when the electricity grid can be under significant stress. It can back up the grid in just a few milliseconds, helping to prevent blackouts.
This 250-megawatt (MW), 500 megawatt-hour (MWh) battery energy storage system (BESS) is part of the Big Canberra Battery project and can store enough renewable energy to power one-third of Canberra for two hours during peak demand periods.
The BESS will cost between $300 and $400 million and will be developed, built, and operated by Eku Energy. Construction will start in late 2024 with completion expected in 2025.
Through an innovative revenue sharing arrangement, the Territory will receive a consequential share of the revenue from the battery’s participation in the National Electricity Market. The battery will also provide a range of energy and essential system security services. In exchange, the Territory will provide Eku Energy with fixed quarterly payments over a period of 15 years.
The Big Canberra Battery project is delivering an ecosystem of batteries at different scales. More information about the Big Canberra Battery is available on the Everyday Climate Choices website.
Chief Minister and Minister for Climate Action Andrew Barr commented:
The ACT Government’s partnership with Eku Energy to develop a grid-scale battery at Williamsdale is a significant step in the delivery of the Big Canberra Battery ecosystem.
When I first announced the Big Canberra Battery project we had three objectives in mind; grow jobs in our renewable energy sector, create a meaningful revenue stream for the Territory and improve energy security for Canberrans – this contract delivers on all three of those objectives
As a combined network, this battery ecosystem can address network constraints, enable more Canberrans to reap solar benefits and present the opportunity for the Territory to reduce costs and generate revenue.
Battery storage technology is a critical component of our net-zero emissions future as we continue to lead the nation on climate action.
The ACT has delivered 100% renewable electricity since 2020, and initiatives like this build on that achievement and demonstrate the viability of renewable energy in supporting a robust, affordable, and sustainable energy grid.”
Eku Energy Asia Pacific Director and Chief Investment Officer Daniel Burrows added:
Eku Energy is delighted to partner with the ACT Government to deliver the next stage of the Big Canberra Battery and support the Government’s commitment to achieve net zero emissions in the Territory by 2045.
Eku Energy is accelerating the deployment of battery assets in Australia by combining deep global expertise in financial and energy markets with our established specialist local business to deliver safe, secure and reliable energy storage solutions in a cost-effective manner for end energy users.
The Big Canberra Battery represents a significant milestone for Eku Energy as we celebrate our first GWh of battery energy storage in delivery in Australia. This brings our global portfolio of battery energy storage assets to over 4GWh.