Edify gets financing for three BESS projects in New South Wales, Australia

WCN Editorial Team 15 Jun 2022 OCEANIA ENERGY & UTILITIES

Renewable energy company Edify Energy has received financing for three battery energy storage system (BESS) projects in New South Wales, Australia.

Commonwealth Bank of Australia (CBA), Westpac and DNB have provided a long-term syndicated loan facility to project developer Edify Energy and technology supplier Tesla.

Loan amount and other financial details, however, have not been disclosed.

Construction works of the projects will be taken up in phases and are expected to be completed in the first half of 2023.

Edify has already received offtake agreements for the three BESS projects.

They include an offtake contract with Shell Energy for 60MW/120MWh Riverina Energy Storage System 1.

The second offtake agreement is with EnergyAustralia for 65MW/130MWh Riverina Energy Storage System 2 and 25MW/50MWh Darlington Point Energy Storage System.

The three projects, totalling 150MW/300MWh, will be built on one site located alongside Darlington Point Solar Farm, which was developed by Edify and operational since 2020.

Edify CEO John Cole said, “The BESS projects have grid forming inverters that will allow them to support the local grid by providing synchronous inertia, something relatively new for batteries.

“In this instance, we’re using the combination of the dispatchable properties of batteries with a new vintage of grid forming inverter control systems to create a generator that can provide power system support services.”

According to State Significant Development Modification Assessment, the planned size of the projects was altered several times in the last few years.

Recently, the New South Wales government in its bid to push for renewable energy decided to financially support a 1,400MWh BESS project.

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Image: Edify Energy announces the completion of project financing for 150MW / 300MWh battery energy storage system. Credit: Edify Energy.

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