CEFC offers US$127.6 million debt finance for 300MW Victoria energy storage project.

by Feb 25, 2021

Acting on behalf of the Australian government, Australia’s Clean Energy Finance Corporation (CEFC) has invested AU$160 million (US$127.6 million) to fund the construction, design and operation of the Neoen 300MW / 450MWh Victorian Big Battery (VBB), set to be among the largest energy storage facilities in the world, through a senior debt facility. The project will also be funded by Neoen equity. The project is already under construction and is due to come online later this year. It is also expected to free up an additional 250MW of peak capacity on the existing Victoria to New South Wales Interconnector grid. Neoen’s VBB project will be powered with Tesla Megapack batteries. The two companies had previously partnered on the Hornsdale Power Reserve (150MW / 194MWh) project in South Australia. It follows a new wave of large-scale energy storage projects coming to light across Australia. Link to the news: https://www.energy-storage.news/news/cefc-offers-us127.6-million-debt-finance-for-300mw-victoria-energy-storage