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BlackRock Real Assets commits $1b to Australian battery development
Investors - AUGUST 16, 2022

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BlackRock Real Assets commits $1b to Australian battery development

by Denise Moose

BlackRock announced a commitment to invest more than $1 billion to drive the build-out of 1 gigawatt of batteries across Australia as it seeks to tap into the surging need for electricity storage to support the shift to renewable energy, according to the Australian Financial Review.

The investment comes as a result of the acquisition by BlackRock Real Assets of Australian battery and renewable energy developer Akaysha Energy, which has nine projects proposed across the National Electricity Market.

The most advanced, the $150 million Ulinda Park project in Queensland, is targeted for a final investment decision by the March quarter of 2023. It will involve a 150-megawatt battery, with two hours of storage at maximum output. The deal, which was approved by the Foreign Investment Review Board on Friday, is the first investment in battery storage in the Asia-Pacific region by BlackRock’s climate infrastructure business. It broadens BlackRock’s climate-related

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