The company behind a critical $1 billion battery hit by catastrophic failures that could put pressure on the energy grid was awarded the project despite failing to meet several of the NSW government’s criteria, including having a track record of delivering major storage developments.
Akaysha Energy is backed by BlackRock and has been developing the Waratah super battery on the site of the former Munmorah coal power station near Budgewoi. The project, also backed by the Clean Energy Finance Corporation, is intended to underpin the transition away from coal by stabilising a grid increasingly dependent on wind and solar farms.
