The battery system could supply energy for one-third of Canberra for two hours during peak periods
Ashurst has advised Eku Energy on its successful bid to develop, own and operate the Big Canberra Battery for the ACT Government.
"This project represents a milestone for Eku Energy, as it celebrates its first GWh of battery energy storage in development in Australia", lead partner Paul Newman said.
The Big Canberra Battery is a battery energy storage system with a 250 MW/500 MWh capacity. It supplies energy to one-third of Canberra for two hours during peak demand periods. The Big Canberra Battery is expected to ensure greater energy security in the ACT by preventing blackouts and network outages during peak periods.
Established by Macquarie's Green Investment Group, Eku Energy claims to be a globally diversified and technology-enabled energy storage business. The company develops, builds, and manages energy storage assets that facilitate the delivery of reliable, clean energy and advance the energy transition. Eku Energy has a global portfolio of digitally enabled, flexible, utility-scale storage projects that provide vital grid services in key markets worldwide, including the UK and Japan.
The construction of the Big Canberra Battery project is scheduled to begin in late 2024, with completion expected in 2025. Battery storage is crucial in the shift to clean energy because it can store excess energy and provide it when demand is high. Consequently, more renewable energy is added to the grid, promoting the transition to green energy.
Newman led the Ashurst team that advised on the transaction. The team was assisted by partner Chris Redden, senior associates Mike Webb and Robert Gough, and associates Joshua Hetzel and Jonathan Chew (IPG); partners Damian Salsbury and Andrew Deane, and senior associate Tai Laves (property); partners Nigel Deed and Con Tzerefos, counsel Jared Lynch, and associates Edwina Wang and Phoebe Phan (corporate); partners Costa Koutsis and Ian Kellock, counsel Bronwyn Kirkwood, senior associates Elke Bremner and James Sainty and associate Daniel Richards (tax).