On 25 February 2021, the Clean Energy Finance Corporation (CEFC) announced that on behalf of the Australian Government they have invested AUD160 million to build the Neoen 300 MW Victorian Big Battery (VBB), providing a critical boost to the state’s grid security while driving down power prices and supporting more renewable energy.
The VBB will be one of the world's largest energy storage facilities, and the CEFC senior debt facility will be used to fund its design, construction, and operation. It is expected to be operational during the summer of 2021-22. The investment supports the CEFC's Technology Investment Roadmap's strategic focus on energy storage as a priority technology.
The VBB, which will be powered by Tesla Megapack batteries, will be owned and operated by Neoen, one of the world's top independent producers of 100% renewable energy. The extra power flowing between the States during the peak summer season will deliver support to the grid at critical times.