A novel $160 million renewable energy project combining wind, solar and storage technologies reached financial close.
Tesla Inc. will supply batteries and Vestas Wind Systems A/S will supply turbines for the first phase of the Kennedy Energy Park, according to a Thursday statement on the website of project co-developer WindLab Ltd. The project is located in Queensland Australia and will be financed by the Clean Energy Finance Corp. and the Australian Renewable Energy Agency.
The 60.2 megawatt development will be the first to connect the three renewable power technologies to the Australian grid through a single connection point, once it is completed by the end of 2018, according to the statement. The combination will help provide reliable supplies of electricity, overcoming one of the biggest downsides to intermittent renewable energy generation technologies.
For the entire story on Bloomberg Markets, By Jess Shankleman, October 19, 2017, 5:50 AM EDT updated: October 19, 2017, 12:20 PM EDT