The Clear Vitality Finance Company (CEFC) invested AU$160 million (USD127.24 million) in Neoen’s 300MW/450MWh battery mission in Victoria, Australia–often called the Victorian Large Battery (VBB). The masisve vitality storage set up shall be comprised of Tesla Megapacks.
“We’re delighted to announce that the Victorian Large Battery has reached this essential monetary milestone,” mentioned Neoen Australia’s Managing Director Louis De Sambucy.
The CEFC senior debt facility’s AU$160 million funding will finance the design, development and operation of the VBB. Neoen will personal and function the Victorian Large Battery.
The CEFC beforehand labored with Neoen and Tesla on The Hornsdale Energy Reserve’s 50% enlargement. It made a $50 million senior debt dedication in the direction of the enlargement, the primary financing mission for a stand-alone grid-connected battery within the Australian market.
“I wish to thank the CEFC for his or her renewed belief and dedication in the direction of supporting modern storage options. With the assistance and arduous work of our companions, Tesla and AusNet Companies, we’re on observe to ship this mission earlier than the following Australian summer season and are trying ahead to taking part in our half in serving to Victoria attain its bold goal of fifty% renewable vitality by 2030,” Sambucy said.
Late final 12 months, Neoen gained a 250MW contract from the Victorian Authorities and the Australian Vitality Market Operator (AEMO). In line with the CEFC, the common industrial Victorian electrical energy shopper might save about $280,000 a 12 months in energy payments with the massive battery working.
The corporate will use 3MW Tesla Megapacks to supply as much as 250MW of peak capacity to the prevailing Victoria to New South Wales Interconnector. Tesla’s vitality storage deployments elevated as much as 83% from 2019 to 2020. On the final TSLA incomes name, the corporate said that the primary motive for its substantial progress in vitality storage was the recognition of the Megapack.
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