The Clean Energy Finance Corporation has committed $150 million in debt finance to fund the 212 megawatt Lincoln Gap project, a 59-turbine wind farm in SA’s Port Augusta region and a 10MW battery energy storage system.
Developed by Nexif Energy Australia, the project could produce enough electricity to power about 155,000 homes and is expected operate from mid-2018.
This is Australia’s first development project that has been able to secure debt finance for an unsubsidised large-scale grid-connected battery, which will feed into the national electricity grid via the Electranet transmission network.
Nexif said construction of the wind farm is expected to begin by the end of November.
“This project demonstrates how we can move to the next phase of the clean energy transition, delivering a cleaner, reliable and affordable energy supply, by incorporating the latest technology at the greenfield development stage to create a stronger, more integrated grid,” CEFC wind sector lead Andrew Gardner said.
“It provides an important financing model for other developers and investors wanting to be at the forefront of closer integration of renewables into the grid.”