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Neoen closes on financing for 100-megawatt battery storage facility

October 05, 2022

Renew Economy:

French renewables giant Neoen has completed financial close on its Capital Battery, a 100MW/200MWh lithium-ion battery storage facility it is developing next to the Queanbeyan substation in the ACT.

The milestone for the so-called “virtual battery” project was announced on Wednesday, achieved through a mix of Neoen’s equity and senior debt facilities provided by the federal government’s Clean Energy Finance Corporation (CEFC) and Infradebt.

Neoen Australia is building the Capital Battery as part of its winning bid in the ACT’s 2020 renewable energy auction, that will also see it build the first 412MW wind stage of the massive Goyder South hybrid project in South Australia.

The project is currently under construction and, unlike the Tesla technology used Neoen’s other big battery sites, is using Doosan as the tech partner. Neoen says the project is on track to commence operations in the first half of 2023.

Neoen will be the long-term owner and operator of the Capital Battery and, once it is operational, will launch a Community Co-investment Scheme, offering ACT residents an opportunity to become financial stakeholders in the project.

[Sophie Vorrath]

More: Neoen secures finance for its “virtual” big battery in Canberra

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