BlackRock has raised A$500 million ($340 million) from institutional investors to support the construction of the 850-megawatt Waratah Super Battery (WSB), a colossal grid-scale battery project in Australia which, upon buildout, will be the largest in the southern hemisphere.
Of the capital raised, A$100 million ($68 million) came from the Clean Energy Finance Corp. (CEFC), according to media reports. The federal government’s green bank also contributed to the project, along with local and offshore co-investors.
The WSB project is a system integrity protection scheme (SIPS) designed to act as a “shock absorber” in the event of any sudden power surges, including from bush fires or lightning strikes, according to the New South Wales government. The project will cost an estimated A$1 billion ($679 million) to build.
The battery-energy storage system (BESS) will be located at the former Munmorah coal-fired power station, capable of providing a guaranteed conti
