Australian battery energy developer Akaysha Energy, backed by BlackRock, has given the green light to its 150-MW/300-MWh Ulinda Park battery energy storage system (BESS) project in Queensland. The milestone, marking the final investment decision (FID), was reached on Tuesday, coinciding with the signing of a balance of plant (BoP) contract with engineering, procurement, and construction (EPC) firm Consolidated Power Projects Australia Pty Ltd.
The Ulinda battery project is slated for installation in Hopeland, Queensland's Western Downs region, where it will play a crucial role in supporting the swift expansion of wind and solar power capacity. The facility is designed to utilize lithium iron phosphate (LFP) cell technology and is expected to commence operations in 2025. The LFP technology will be supplied by US energy storage specialist Powin LLC.
In an innovative move, the project has already secured a 10-year revenue swap and risk hedging agreement with climate risk transfer platform Re2 Capital Ltd, a contract hailed as “first of its kind” in the summer.
Akaysha Energy is also actively developing the 850-MW/1,680-MWh Waratah Super Battery (WSB) project in New South Wales. The company, which received investments from BlackRock's Global Renewable Power Fund last year, has ambitious plans to create over 10 gigawatt-hours (GWh) of energy storage assets, reinforcing its commitment to advancing renewable energy solutions.