ASX Renewable Energy Stocks: 12 projects with more than 3GW of battery storage compete for ARENA funding
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More than 3GW of battery storage projects with a combined value of $3.7b have been shortlisted for government funding through the Australian Renewable Agency (ARENA) from a pool of 54 expressions of interests.
Under the competitive round, the shortlisted projects will ultimately be vying for up to $100 million in ARENA grant funding to support both new build projects and retrofits for existing batteries nationally, with each battery to be at least 70MW.
Advanced inverters, also known as grid-forming inverters, enable batteries to provide essential system services traditionally provided by synchronous generation such as coal or gas.
ARENA Acting CEO Chris Faris says interest in the round far exceeded ARENA’s expectations.
“We are really encouraged by the number and quality of applications to the round; it’s shaping up to be very competitive.
“The 12 shortlisted projects represented the strongest of an impressive field and we’re looking forward to seeing their full applications.”
As Australia’s electricity system switches to higher rates of inverter-based generation such as wind and solar, new ways of delivering system services are needed to keep the grid stable.
AEMO’s 2022 Integrated System Plan identified a growing need for electricity storage, outlining a trebling of firming capacity in the National Electricity Market with more than 60GW of dispatchable generation and storage required by 2050.
“Advanced inverters that can help stabilise the grid are the missing piece of the puzzle that will support the transition to 100 per cent renewable energy penetration for short periods,” Faris says.
EXR has entered into an MoU with SB Energy Corp over a green hydrogen project in Mongolia.
The MOU provides a two-year framework under which the two parties will work together to progress the Gobi H2 project.
Each party will provide expertise in particular areas at their own cost to pursue a small-scale pilot project as the foundation for proving up a much larger development in the future.
Elixir is responsible for water resources and government/local relations whilst SBE will engage with offtakers, technology providers and financiers.
SB Energy Corp, a Japanese wholly owned subsidiary of SoftBank Group Corp, is a leading renewable energy company in Japan.