Eku Energy has signed a revenue swap arrangement and a debt funding deal that have enabled it to reach financial close on its 250-MW/500-MWh Williamsdale battery storage project in the Australian Capital Territory (ACT).
The UK battery platform of Macquarie’s Green Investment Group (GIG) said on Wednesday it has signed a deal with the ACT government, under which it will receive fixed quarterly payments for the battery’s operation for 15 years, while the Territory will get a portion of the site’s generated revenue. Additionally, an arrangement was made for the developer to receive debt from Westpac, Sumitomo Mitsui Banking Corporation (SMBC) and MUFG Bank.
The Williamsdale battery energy storage system (BESS) will deploy Tesla Energy’s Megapack technology and will connect to Evoenergy’s electricity distribution network. The facility will be installed south of Canberra to provide fast-acting frequency control and ancillary services to the grid. It will be able to store renewable power that will be enough to cover the consumption of one-third of Canberra for two hours during peak demand periods.
Consolidated Power Projects Australia (CPP) will serve as Balance of Plant (BoP) contractor. The Williamsdale BESS is planned to be switched on in 2026.
The project, which was approved in July, is part of the federal district’s Big Canberra Battery plan, which is seen to help ACT enhance the security of its power grid by creating an ecosystem of battery systems to maintain grid stability.
