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.
As of 2022, BNEF estimates Australia had 1.4GW/ 3.5GWh of cumulative energy storage capacity (excluding pumped hydro), of which 60% is standalone and 40% paired. Such paired solar and BESS (RTC) projects are expected to grow at a compound annual growth rate (CAGR) of 37% by 2025, based on the data available.
It has traditionally been difficult to secure project finance for energy storage for two key reasons. Firstly, the nascent nature of energy storage technology means that fixed income lenders and senior debt providers are naturally risk averse.
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.
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Explore how energy storage is transforming the energy transition in Asia-Pacific. Learn how DBS supports sustainable energy advancements for the future.
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