- BlackRock announces AUD 1 billion investment into a series of battery farms across Australia.
BlackRock, the world’s largest fund manager, has disclosed a one billion Australian dollars (some 700 million US dollars) investment into a series of battery farms across Australia. According to the firm, the investment would fund nine battery-storage projects along Australia’s east coast by acquiring Melbourne-based battery developer Akaysha Energy.
Charlie Reid, BlackRock’s co-head of climate infrastructure in the Asia-Pacific, said the infrastructure would be vital to maintaining the stability of Australia’s energy grid during its transition to net zero. “As renewable energy infrastructure continues to mature in Australia, investment is required in battery storage assets to ensure the resilience and reliability of the grid, especially with the continued earlier-than-expected retirement of coal-fired power stations,” said Reid.
Large-scale battery storage is crucial to realizing a renewable grid due to the intermittency of renewable energy sources such as wind and solar power. The battery infrastructure is expected to provide over 1 gigawatt of battery storage assets, preventing over 15 million tons of carbon emissions over the projects’ lifetimes.