Demonstrating the bankability of large-scale hybrid projects.
The CEFC is investing $94 million in Australia’s first fully integrated wind, solar and battery project, at the central north Queensland Kennedy Energy Park. The project is being developed by Windlab and Eurus Energy.
The 60MW hybrid renewable energy project will connect to the local grid, providing electricity to communities from Julia Creek to Charters Towers, more than 500 kilometres away.
The landmark project creates a new model for renewable energy that brings together the benefits of wind, solar and battery storage to overcome grid intermittency and improve reliability. Financing three separate technologies on one site was a complex undertaking that had not previously been achieved in Australia.
As the sole debt financier for the project, the CEFC goal was to demonstrate the bankability of large-scale, integrated hybrid renewable energy projects for the future. We expect such projects to become an increasingly important part of Australia’s electricity system, with complementary battery storage addressing the intermittency of wind and solar generation in order to support grid stability.
Canberra-based Windlab is an innovative Australian company that uses world leading atmospheric modelling and wind energy assessment technology originally developed by the CSIRO. The CEFC had previously provided Windlab with a corporate facility of up to $8 million in corporate finance to assist the company with its continued expansion from a project developer to an integrated developer, owner and manager of renewable energy assets.