Large-scale battery storage projects may be eligible for finance through the CEFC’s Dispatchable Power Program. Up to A$125 million is available through the first phase of the program, which is designed to complement grant funding offers for emerging technologies. Initially, successful applicants under the New South Wales Government’s Emerging Energy Program (EEP), are eligible to apply for funding under the CEFC’s Dispatchable Power Program. In subsequent phases of its Program, the CEFC may look to support emerging technologies alongside other State Government grant programs, as they arise. The CEFC’s finance is available at a fixed-interest rate for projects that meet the CEFC’s investment criteria, and can be used to support contracted, partially-contracted and uncontracted projects which will rely on merchant revenues such as from the provision of Frequency Control Ancillary Services (FCAS)
The battery projects will be expected to meet the CEFC’s investment criteria to be eligible for finance and will be assessed on a case-by-case basis.The large-scale battery storage projects supported through this program are expected to unlock opportunities for higher penetration of renewable energy in the New South Wales grid. While the CEFC’s Dispatchable Power Program is targeting utility scale battery opportunities, the CEFC may look to finance other projects eligible for EEP grants, if appropriate. These may include technologies such as biogas, virtual power plants and pumped hydro.