Global energy storage leader Eku Energy today announced it has achieved Financial Close for the Williamsdale Battery Energy Storage System (BESS), a significant 250MW/500MWh project situated in the Australian Capital Territory (ACT). Featuring Tesla Energy’s Megapacks, this system will bolster energy resilience for Canberra, with capacity to power one-third of the city for up to two hours during peak demand.
This marks Eku Energy’s seventh asset to reach Financial Close worldwide. The Williamsdale BESS, a crucial part of the ACT Government’s Big Canberra Battery initiative, will integrate into the Evoenergy electricity distribution network, providing vital grid support services.
In a unique revenue-sharing agreement, Eku Energy has collaborated with the ACT Government to create an innovative revenue swap model. Through this, the ACT Government will receive a share of the revenue from the Williamsdale BESS’s participation in the National Electricity Market (NEM). Eku Energy, in turn, will benefit from 15 years of fixed quarterly payments from the Territory. This structured revenue model, alongside partnerships with Consolidated Power Projects (CPP) for construction and Tesla Energy for battery storage, has allowed Eku Energy to secure favorable financing from major lenders including Westpac, Sumitomo Mitsui Banking Corporation (SMBC), and MUFG Bank.
The Williamsdale BESS project, expected to be operational by 2026, is projected to bring new job opportunities and skill development to Canberra. Once complete, the system will add significant renewable storage to Eku Energy’s growing global portfolio, which includes seven operational or under-construction assets and approximately 50 projects in development across Australia, the UK, Japan, and Italy.
Eku Energy CEO Daniel Burrows emphasized the project’s impact: “The Williamsdale BESS represents a pivotal advancement in Canberra’s journey toward clean energy security. We are proud to support the ACT Government’s sustainability goals and are eager to see this project through to fruition.”
Elias Saba, Chief Technology Officer at Eku Energy, highlighted the innovative revenue model’s importance, stating, “The Williamsdale BESS is a testament to how creative contracting models can unlock large-scale battery projects, adding value for the ACT Government and securing cost-effective financing for clean energy solutions.”
Designed to operate in grid-forming mode, the Williamsdale BESS will also offer system strength services and frequency control, enabling further integration of renewable energy into the ACT grid. This initiative aligns with the ACT Government’s target of net zero emissions by 2045, establishing the Williamsdale BESS as a key contributor to Canberra’s renewable future.
