Victoria is set to charge towards its renewable energy targets after yesterday announcing French renewable energy specialist Neoen will build and operate one of the world's largest lithium-ion batteries at Victoria's Moorabool Terminal Station.
The Victorian Big Battery will store 300 megawatts and is planned to be online by the 2021-22 summer.
When complete the battery will store enough power to run 500,000 homes for about 30 minutes.
Victoria's Minister for Energy, Environment and Climate Change Lily D'Ambrosio announced she had directed the Australian Energy Market Operator to sign a contract with renewable energy specialist Neoen to deliver the new Tesla battery.
D'Ambrosio said it would offer protection for Victoria's network in summer, create jobs and drive down energy prices.
"As well as supporting our economic recovery from the coronavirus pandemic," she said.
The battery will help shore up Victoria's ageing coal-fired power station network and is tipped to help reduce wholesale prices.
Neoen will pay the $84 million cost of construction of the battery, as well its ongoing operation and maintenance.
The battery will be about twice the size of South Australia's Hornsdale Power Reserve, a project that also undertaken by Neoen and, when completed in 2017, was the largest lithium-ion battery in the world.
As with its South Australia sibling the Victorian Big Battery will be built using Tesla technology and will create more than 85 local jobs and deliver over $200 million in investment into the Geelong region.
Neoen is also building the $600 million Western Downs Green Power Hub, a 460 MWp solar farm located near Chinchilla in South West Queensland.
Again entirely owned by Neoen, it will be the largest solar farm in Australia.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support