Financing Battery Energy Storage Systems – Meeting the Challenges
In this article we consider the role and application of battery energy storage systems (BESSs) in supporting renewable energy power generation and transmission systems and some of
As Asia gears up for a shift to renewable energy, energy storage has come to the fore. But the transition to cleaner power can be a bumpy ride. To navigate the uncertain landscape, countries have to monitor trends in technology, costs and electricity markets closely.
However, battery system costs for grid-scale storage in Australia are 30% to 40% higher than in China, and storage build-out costs in Australia are likely to remain elevated relative to other APAC countries given its import dependence on materials, batteries, high labour wages and regulatory requirements.
Australia's storage projects have historically focused on standalone BESS, but in recent years, there has been a rise in projects involving solar and wind coupled with BESS that are expected to be commissioned in the next two years.
By Ganesh Padmanabhan, Head of Project Finance, Jern Siew, Executive Director, Project Finance (Australia), and Suvro Sarkar, Senior Vice President, Group Research (Energy Sector), DBS Bank. As Asia gears up for a shift to renewable energy, energy storage has come to the fore. But the transition to cleaner power can be a bumpy ride.
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