Australian Govt Picks Eku Energy for Canberra’s 500 MWh Big Battery Project

Australian Govt Picks Eku Energy for Canberra's 500 MWh Big Battery Project

Eku Energy, which is the new global battery storage arm of Macquarie Group, has been picked by Australian Capital Territory government for Canberra’s Big Battery project.

The Big Canberra Battery project is a large-scale storage facility in Williamsdale. Eku Energy will be responsible for building and operation of the project. The BESS project, pegged at a cost of up to $400 million, is slated for construction in 2024. It will achieve completion the following year.

The BESS (Battery Energy Storage System) will supply energy to one-third of Canberra for two hours during hours of peak demand by storing renewable energy.

The Chief Minister of the Australia Capital Territory Andrew Barr stated that battery storage technology is crucial for a future in net-zero emissions. He added that Big Canberra Battery has been introduced with three goals- add jobs in the renewable energy industry, pave the way for a meaningful revenue stream for the territory and of course, augment energy security for the citizens of Canberra. “This contract delivers on all three,” he said.

As far as revenue sharing is concerned, ACT will get a part of the revenue from the battery’s participation in the national electricity market. The battery will also supply a variety of energy and essential system security services. In return for this, the ACT will give the firm quarterly payments for a period of over 15 years.

The Chief Investment Officer at Eku Energy, Daniel Burrows shared that the firm’s participation in the project lends support to the government’s commitment to achieve net-zero emissions in the territory by 2045.

“The Big Canberra Battery represents a significant milestone for Eku Energy as we celebrate our first gigawatt-hour of battery energy storage in delivery in Australia,” he said.

Eku Energy came into being in 2022 and boasts of a cumulative project pipeline of 4 GWh with presence in Australia, Japan, Europe and the United Kingdom.

Big Battery has been getting a push in Australia. American investment conglomerate BlackRock said in 2022 that it was looking to invest $1 billion in big energy battery projects in Australia. The company agreed to acquire Australian company Akaysha Energy, which has nine projects attached to Australia’s main grid.