Singaporean company Equis Development Pte Ltd and Victoria’s State Electricity Commission (SEC) have signed an agreement to finance a debt of 400 million AUD (260.8 million USD / 242.3 million EUR) for a 200 MW/800 MWh energy storage project in the Australian state. The project, which will benefit from the new funds, is part of the first phase of the Melbourne Renewable Energy Hub (MREH) with a capacity of 1200 MW/2400 MWh, Equis Australia announced on Monday. The debt financing was secured from a consortium of lenders, including Export Development Canada, Societe Generale, Standard Chartered, and Westpac.
The first stage of the MREH project will be divided into three segments of 200 MW each, increasing the total capacity by 600 MW/1600 MWh. The facilities will be connected to the high-voltage system and will support three renewable energy zones in Victoria. The first two batteries from the first phase will have a capacity of two hours each, while the third one (MREH A3) will provide four hours of storage. It is expected to be launched in 2025 and will be managed by SEC, supporting the provision of electricity to Victoria’s government customers.
Equis acquired the 1200 MW/2400 MWh battery project in 2022 and received approval from the Australian federal government in October last year. SEC joined the first phase a month later, applying for a contribution of 245 million AUD. (SEC 1.0 = 0.652 USD / 0.606 EUR)
FAQ:
1. Which project was funded by Equis Development and Victoria’s State Electricity Commission (SEC)?
Equis Development and Victoria’s State Electricity Commission (SEC) have signed an agreement to finance a 200 MW/800 MWh energy storage project in the Australian state. The project is part of the Melbourne Renewable Energy Hub (MREH) with a capacity of 1200 MW/2400 MWh.
2. What funds were secured for this project?
Debt financing of 400 million AUD (260.8 million USD / 242.3 million EUR) was secured from a consortium of lenders, including Export Development Canada, Societe Generale, Standard Chartered, and Westpac.
3. What will be the capacities of the first stage of the MREH project?
The first stage of the MREH project will be divided into three segments of 200 MW each, increasing the total capacity by 600 MW/1600 MWh.
4. What will the facilities be connected to?
The facilities will be connected to the high-voltage system and will support three renewable energy zones in Victoria.
5. What will be the capacities of the batteries in the first phase of the project?
The first two batteries from the first phase will have a capacity of two hours each, while the third one (MREH A3) will provide four hours of storage.
6. Who will manage the third battery (MREH A3)?
The third battery (MREH A3) will be managed by Victoria’s State Electricity Commission (SEC) and will support the provision of electricity to Victoria’s government customers.
Key Terms:
– Equis Development Pte Ltd: Singaporean company involved in financing an energy storage project in Australia.
– Victoria’s State Electricity Commission (SEC): electricity commission in the state of Victoria.
– Melbourne Renewable Energy Hub (MREH): energy storage project in Melbourne.
– MW: megawatt.
– MWh: megawatt hour.
– AUD: Australian dollar.
– USD: United States dollar.
– EUR: Euro.
Related links:
Equis Development Pte Ltd
Victoria’s State Electricity Commission (SEC)
Melbourne Renewable Energy Hub (MREH)
The source of the article is from the blog tvbzorg.com