In a further boost for Victoria’s thriving renewable energy sector, the State will be home to the largest battery in the southern hemisphere.
The 300 megawatt lithium-ion Tesla battery will be installed just outside Geelong, in Victoria’s south-west, and will be twice the size of the battery at the Hornsdale Power Reserve in South Australia.
Delivered by global renewable energy company Neoen, the battery will help store renewable energy when the weather makes it plentiful and discharge it into the grid when it is needed most.
The battery will offer a range of services to Victoria’s electricity network, increasing reliability, lowering prices and further unlocking the potential of renewable energy in the state.
Victoria is on track to meet its renewable energy target of 25 per cent by the end of 2020 and the battery will make an important contribution to its targets of 40 per cent by 2025 and 50 per cent by 2030.
With abundant resources to harness and ambitious energy targets, Victoria’s renewable energy sector has much to offer investors.
To explore opportunities for investing in Victoria’s renewable energy industry, contact us.