Cannon-Brookes-backed Infradebt to finance $1b battery pipeline

Tech billionaire Mike Cannon-Brookes-backed Infradebt – an infrastructure debt provider – will provide financing for the development of up to eight batteries after it closed the first round of investment for a new fund dedicated to financing grid-scale battery projects in Australia.

The injection of capital is a boost to Australia’s storage and firming capacity, a sector which the Australian Energy Market Operator earlier this month warned must be acceleratedRenewable energy generation is rapidly advancing in Australia, but the acceleration of solar leaves the country vulnerable to periods of renewable energy droughts when the sun is not shining, which could create periods of wholesale price volatility amid a capacity squeeze.

The Neoen Capital Battery is a 100 megawatt battery that can store up to 200 megawatt-hours of energy. The project is located on the outskirts of Canberra. Infradebt has provided a senior debt facility alongside the Clean Energy Finance Corporation, Australia’s green bank.

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