AGL secures final investment decision on $800m Tomago battery
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The news: Integrated energy company AGL has secured a final investment decision on its 500 megawatt Tomago Battery Project in the Hunter Region of New South Wales.
The numbers: Construction work for the grid scale battery is expected to begin in late 2025, with the start of operations targeted for late 2027. Its expected asset life is 20 years.
AGL said the total construction cost of the project is estimated at $800 million.
The context: The battery will be funded on AGL's balance sheet, utilising operating cash flows and existing debt facilities, including green capex loans. The company has entered into a contract with Siemens and AES joint venture Fluence as the project's engineering, procurement and construction provider.
What they said: “Once operational, the Tomago Battery will expand on AGL’s existing suite of grid scale battery assets and contracted capacity from third parties and further enhance our flexible asset portfolio,” said AGL managing director and chief executive Damien Nicks.
“Importantly, both the 250 MW Torrens Island and 50 MW Broken Hill Batteries have delivered strong performance since they commenced operations, and the 500 MW Liddell Battery remains on track to commence operations in early 2026.”
The source: ASX
