Eku Energy has reached financial close on its 250-MW/500-MWh Williamsdale battery storage project in the Australian Capital Territory (ACT) after securing a revenue swap arrangement and debt financing.
The project, backed by Macquarie's Green Investment Group (GIG), features a 15-year deal with the ACT government for fixed quarterly payments, with the Territory receiving a share of the battery's revenue.
Debt funding will come from Westpac, Sumitomo Mitsui Banking Corporation (SMBC), and MUFG Bank.
The Williamsdale battery energy storage system (BESS), which will utilize Tesla Energy's Megapack technology, is set to connect to Evoenergy's distribution network.
Located south of Canberra, it will offer fast-acting frequency control and ancillary services, storing enough renewable power to cover one-third of Canberra's consumption for two hours during peak demand.
Construction is scheduled for completion by 2026, with Consolidated Power Projects Australia (CPP) handling the Balance of Plant (BoP) contracting.
This project is a significant part of ACT's Big Canberra Battery initiative, designed to enhance grid security by developing a network of battery storage systems to stabilize the local power grid.
Approved in July, Williamsdale BESS is poised to become a key component of ACT's energy transition plan.
