NSW's $1bn green bank eyes first big battery deal
The Energy Security Corporation is inching closer to deploying the first of its $1 billion funding kitty.
Billion-dollar New South Wales public financier the Energy Security Corporation (ESC) is closing in on its inaugural battery storage transaction.
CEO Paul Peters said the new $1 billion agency, which received its investment mandate in February and began commercial operations in late July, is in advanced commercial negotiations with several project developers with a view to inking a funding agreement before the end of November.
Peters, who advised on the development of the Clean Energy Finance Corporation, wants the fledgling green bank to run, not walk, towards its first swathe of deals, which will be in the range of $25 million to $150 million, according to the ESC’s investment mandate.
“In the NSW government, we've taken a view that the private sector is going to do a lot of heavy lifting, and be the major investors in the trip through the [energy] transition," Peters told Capital Brief in an interview.
