A US-based asset manager has raised hundreds of millions of dollars to help accelerate the construction of the Waratah Super Battery.
BlackRock has raised more than $500 million to put towards the battery project being built at Lake Munmorah – the 850-megawatt battery will be the largest of its kind in the southern hemisphere.
The project is being built by BlackRock offshoot Akaysha Energy who started construction out at Lake Macquarie last month.
The battery has been designed to act as a “shock absorber” for the energy grid in the event of any sudden power outages with the capacity of at least 700 megawatts and a guaranteed usable energy storage capacity of at least 1400 megawatts per hour.
The NSW Government granted planning approval for the battery project in February this year.
It is due to be completed in 2025 in line with the closure of the Eraring Power Station.