The Clean Energy Finance Corporation (CEFC) invested AU$160 million (USD127.24 million) in Neoen’s 300MW/450MWh battery project in Victoria, Australia–known as the Victorian Big Battery (VBB). The masisve energy storage installation will be comprised of Tesla Megapacks.
“We are delighted to announce that the Victorian Big Battery has reached this important financial milestone,” said Neoen Australia’s Managing Director Louis De Sambucy.
The CEFC senior debt facility’s AU$160 million investment will finance the design, construction and operation of the VBB. Neoen will own and operate the Victorian Big Battery.
— Neoen Australia (@NEOEN_AU) February 24, 2021
The CEFC previously worked with Neoen and Tesla on The Hornsdale Power Reserve’s 50% expansion. It made a $50 million senior debt commitment towards the expansion, the first financing project for a stand-alone grid-connected battery in the Australian market.
The company will use 3MW Tesla Megapacks to provide up to 250MW of peak capacity to the existing Victoria to New South Wales Interconnector. Tesla’s energy storage deployments increased up to 83% from 2019 to 2020. At the last TSLA earning call, the company stated that the main reason for its substantial growth in energy storage was the popularity of the Megapack.