Renewable energy company Edify Energy has completed the project financing fir the 150MW/ 300MWh battery energy storage system in New South Wales (NSW). The scheme will have three separate partitions:
- 60MW / 120MWh Riverina Energy Storage System 1 (RESS 1);
- 65MW / 130MW Riverina Energy Storage System 2 (RESS 2); and
- 25MW / 50MWh Darlington Point Energy Storage System (DPESS).
Designed and developed by Edify, these energy storage systems using Tesla Megapacks will equipped with grid-forming inverters that operate in ‘virtual synchronous generator’ mode. This will allow the storage system to operate in a manner akin to a conventional generator and help facilitate the connection of future clean energy power plants in the region.
Edify Chief executive John Cole said: “We have long been believers of harnessing the full capability of power electronics and preparing for a 100% renewables-based grid. It is exciting for Edify to be delivering another ‘first in market’ facility. In this instance, we’re using the combination of the dispatchable properties of batteries with a new vintage of grid forming inverter control systems to create a generator that can provide power system support services, which have traditionally been provided by thermal synchronous generators. It is testament to the capabilities of the Edify team that we have obtained approval from AEMO and TransGrid to operate the batteries in ‘virtual synchronous generator’ mode from the commencement of commercial operations. This facility is providing load and additional strength to the grid in an area where both add a lot of value. Edify will continue to advance to a 100% renewable future with the confidence of a stable, reliable power system.”
Edify negotiated an agreement with Federation Asset Management to acquire a majority shareholding of the project as the seed asset for its Sustainable Australian Real Asset fund. Edify continues to maintain a long-term ownership interest in the project and will undertake the construction management and long-term asset management roles for the batteries.
Stephen Panizza, co-founder and head of renewable energy at Federation, said: “Energy storage will be a cornerstone of a decarbonized electricity grid. Federation is delighted to partner with Edify to deliver the state-of-the-art Riverina energy storage systems.”
Anthony Miller, chief executive, Westpac Institutional Bank, said: “Clean energy technologies, such as utility scale batteries, have a critical role in ensuring grid stability as Australia transitions to greater renewable energy and a low carbon energy future. Edify and Federation Asset Management’s strong track record with these projects, and the long-term offtake agreements Edify negotiated, make this an attractive and credible financing opportunity and Westpac is pleased to be a part of it.”
Edify negotiated long-term offtake agreements with both Shell Energy and EnergyAustralia for the projects. Shell Energy will gain access to operational rights over the 60MW / 120MWh RESS 1 partition of the battery. EnergyAustralia will gain access to operational rights over the RESS 2 and DPESS partitions for a combined 90MW / 180MWh.
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