- Eku Energy secures financing for the 250 MW/500 MWh Williamsdale BESS in Canberra to support the ACT’s energy security and carbon neutrality goals.
- The project will store renewable energy for peak demand, powering one-third of Canberra for two hours, and will provide essential grid services.
- The ACT government and Eku Energy partner in a revenue-sharing model, attracting financing from central banks to support the project’s development.
Eku Energy has secured financing for its 250 MW/500 MWh Williamsdale Battery Energy Storage System (BESS) in Canberra. The project will enhance the Australian Capital Territory’s (ACT) energy security and support its climate goals.
The Williamsdale BESS will store renewable energy and supply it during peak demand. For two hours, the system will power about one-third of Canberra. Tesla Energy will provide the Megapacks for the system.
Eku Energy has partnered with the ACT government through a revenue-sharing model. In exchange for guaranteed quarterly payments over 15 years, the ACT will receive a share of the revenues from the project’s participation in the National Electricity Market (NEM). This partnership has attracted financing from Westpac, Sumitomo Mitsui Banking Corporation (SMBC), and MUFG Bank.
The BESS will connect to the Evoenergy network and provide essential services like fast frequency response and system reinforcement. These services will help integrate renewable energy into the grid. The facility plays a vital role in the ACT’s goal of achieving carbon neutrality by 2045.
The Williamsdale BESS is part of the ACT government’s “Big Canberra Battery” initiative. The project will improve the territory’s energy resilience. Eku Energy expects the BESS to become operational by 2026. The company will also manage and maintain the system once it starts.
Daniel Burrows, CEO of Eku Energy, emphasised the importance of this innovative financing model. It supports both energy and climate objectives while creating local economic opportunities. The revenue-sharing structure allows private investment while reducing the cost of clean energy access for the ACT.
Consolidated Power Projects (CPP) will manage the technical aspects of the project. The partnership with CPP will ensure the efficient implementation and operation of the BESS.
The Williamsdale BESS marks Eku Energy’s seventh project to reach financial close. The company is developing around 50 other energy storage projects globally, mainly in Australia, the United Kingdom, Japan, and Italy. Eku Energy’s growth reflects the rising demand for energy storage solutions.
As the demand for reliable solutions grows, energy storage systems like the Williamsdale BESS play an essential role in the transition to renewable energy. They help balance supply and demand, making it easier to integrate intermittent renewable sources like wind and solar into the grid.
This project shows how public-private partnerships can advance sustainable energy solutions. The Williamsdale BESS project offers a sustainable model for future large-scale energy storage projects by combining guaranteed revenue streams with private investment.
The success of the Williamsdale project will contribute to the ACT’s energy security and position Australia as a leader in the global transition to clean energy. Through such initiatives, Australia will achieve its ambitious climate goals and demonstrate how innovative financial models can drive the development of critical energy infrastructure.
Eku Energy’s ongoing expansion and collaboration with critical stakeholders show the growing recognition of energy storage’s role in achieving a low-carbon future. The Williamsdale BESS will become a key asset in this transition, offering the region environmental and economic benefits.