Eku Energy reaches Financial Close for Williamsdale Battery Energy Storage System
Canberra, AUSTRALIA – 6 November 2024 – Global energy storage specialist, Eku Energy today announced reaching Financial Close for its Williamsdale Battery Energy Storage System (BESS) located in the ACT. The 250MW / 500MWh project will comprise of Megapacks supplied by Tesla Energy and will support Canberra’s energy security. The Williamsdale BESS is Eku Energy’s seventh asset reaching Financial Close globally. Connecting to the Evoenergy electricity distribution network, the Williamsdale BESS is part of the ACT Government’s Big Canberra Battery project. It will have the capacity to store enough renewable energy to power one-third of Canberra for two hours during peak demand periods.
Eku Energy has partnered with the ACT Government to develop an innovative revenue swap arrangement where the Territory will receive a share of the revenue from the Williamsdale BESS’s participation in the National Electricity Market (NEM). The Williamsdale BESS will also deliver a range of energy and essential grid services. In exchange, Eku Energy will receive fixed quarterly payments over a period of 15 years from the Territory. The contracted revenue stream from the ACT Government combined with selecting trusted delivery partners Consolidated Power Projects (CPP) and Tesla Energy has allowed the project to access competitive debt finance from lenders Westpac, Sumitomo Mitsui Banking Corporation (SMBC) and MUFG Bank.
Tesla Energy will supply their Megapack battery storage system and CPP will supply the Balance of Plant as Eku Energy’s appointed construction partner. Eku Energy will manage the Williamsdale BESS, which is expected to be operational in 2026, delivering new skills and job opportunities to Canberrans.
The Williamsdale BESS will expand Eku Energy’s global footprint to comprise seven assets in either operations or construction and approximately fifty projects in the development pipeline across Australia, United Kingdom, Japan and Italy.
Daniel Burrows, Chief Executive Officer at Eku Energy said,
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.
Elias Saba, Chief Technology Officer at Eku Energy added,
Eku Energy is delighted to reach this important milestone for the Williamsdale BESS. This project highlights how innovative revenue contracting models play an important role in advancing the development of large-scale battery projects, enabling value creation for the ACT Government and the ability to secure financial backing to deliver a low-cost energy storage solution.
The Williamsdale BESS will be operating in grid forming mode and can provide system strength services along with fast acting frequency control ancillary services. The inclusion of this additional storage in the network will enable more renewable energy to be deployed within the grid and thereby support the ACT Government’s commitment to achieving net zero emissions by 2045.