CBA Supports Major Energy Storage and Solar Projects in NSW
Commonwealth Bank (CBA) is financing significant energy storage and solar initiatives in New South Wales, including the largest grid-forming battery project in the National Electricity Market. These investments are crucial for enhancing grid stability and supporting the transition to renewable energy sources in Australia.
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Commonwealth Bank (CBA) is backing the construction of the 60MW/120MWh Riverina Energy Storage System 1, alongside two additional projects: the 65MW/130MWh Riverina Energy Storage System 2 and the 25MW/50MWh Darlington Point Energy Storage System. This initiative will establish the largest utility-scale grid-forming battery in the National Electricity Market, enhancing grid stability and facilitating renewable energy dispatch.
Edify Energy retains a stake in the project and will manage construction and long-term operations. Additionally, CBA is financing the New England Solar Farm, which will feature a 400MWh lithium-ion battery once fully operational, expected by mid-2024.
This collaboration reflects a trend of increased commercial bank involvement in renewable financing, as seen in CBA's support of 11 similar projects in the last five years. As energy storage systems become increasingly vital for grid reliability, these developments signify a strategic shift toward a more sustainable energy landscape in Australia.
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