King & Wood Mallesons (KWM) has advised ACT Government on the appointment of global specialist energy storage business, Eku Energy to deliver, operate and own a large-scale battery storage facility as the next stage of the Big Canberra Battery.
The Big Canberra Battery project will improve renewable energy security, help the growth of the ACT energy sector, provide more local employment opportunities, and deliver a positive financial return for the Territory.
The KWM team was led by Partner, Rod Smythe and supported by Partner, Chris Wheeler, Senior Associates, Jack Mullins and Anthony Di Gregorio, Special Counsel, Tracey Jordan and Associate, Bronte Carlin.
Commenting on the deal, Rod Smythe said:
“We’re proud to have supported the ACT Government on this significant partnership for the renewable energy sector.”
An innovative aspect of the transaction was the decision to implement a revenue sharing arrangement which by the ACT Government will receive a percentage of revenue from the battery’s participation in the National Electricity Market.
The 250-megawatt (MW), 500 megawatt-hour (MWh) battery energy storage system can store enough renewable energy to power one-third of Canberra for two hours during peak demand periods.
Further commenting on the deal, Rod Smythe said:
“The partnership between ACT Government and Eku Energy is a major stage in the delivery of the Big Canberra Battery and supports the Government’s commitment to reach zero emissions in Canberra by 2045.”
KWM continues to work on some of Australia’s market-leading energy transactions, having also advised on Nabors Energy Transition Corp.’s ~$US586m cross-border merger and Transgrid’s $385m federal underwrite – both significant projects which contribute to shaping the country’s transition.
