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BlackRock Makes $700 Million Investment in Australian Battery Storage

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BlackRock says Akaysha has plans to develop energy storage projects in a range of Asia-Pacific markets.

Figures from the Australian government show that fossil fuels accounted for 76% of total electricity generation in 2020, with coal's share coming in at 54%, gas at 20% and oil at 2%. Renewables' share came in at 24%.

In a speech last month, the country's prime minister, Anthony Albanese, said that"the challenge of climate change is also an opportunity going forward that we must seize to, indeed, become a renewable energy superpower."In a statement Tuesday, Charlie Reid, who is APAC co-head of climate infrastructure at BlackRock, said that as Australian renewable energy infrastructure continued to"mature," investment would be needed in battery storage assets.

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