The Melbourne Renewable Energy Hub (MREH), a co-owned venture between Equis Australia and the Victoria State Electricity Commission (SEC), has secured AUD400 million (USD260 million) worth of debt financing for its utility scale battery energy storage system (BESS). The complete MREH project has approval for 2.4GWh/1.2GW, however this has been split into two phases. The first phase will have a 1.6GWh/600MW capacity which is split into three stages. The AUD400 million is to fund one of the three stages in Phase 1.

Largest financing raised for BESS in Australia

The AUD400 million will be used to finance a 800MWh/200MW BESS project, the only four-hour duration project within Phase 1. The non-recourse debt financing package has been raised from an international syndicate including Export Development Canada, Societe Generale, Standard Chartered, and Westpac. This is the largest debt financing raised for a BESS project in Australia according to the developer. Once complete, it will…

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