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The Willow Rock Energy Storage Center is designed as a 500MW A-CAES facility, with the capacity to power over 400,000 homes.
The commission authorised $1.1bn to fund the project through 2029, with the remaining costs subject to later approval.
The project now moves into the design phase, with the blocks targeted for completion in 2028.
The plans for Holden House include expanding the property to eight storeys and providing around 115,000ft² of Grade A office space.
