Westpac supports expansion of energy storage in Melbourne
12 April 2023
Westpac is pleased to announce its financing support for the new Rangebank Battery Energy Storage System (BESS) to be built in Cranbourne, Victoria.
This greenfield project is being developed by Macquarie Asset Management’s Green Investment Group (GIG) and Shell Energy Operations (Shell Energy), and once fully operational will have the storage capacity to power 80,000 homes for an hour during peak periods.
The project will be built on two hectares of land in Melbourne’s southeast and is expected to be completed in late 2024, increasing Victoria’s renewable energy hosting capacity by 200MW / 400MWh.
David Scrivener, Head of Energy, Infrastructure and Resources at Westpac Institutional Bank said: “We are very pleased to be a lead financier for the delivery of this important energy infrastructure, which is a critical component in delivering both a de-carbonised and stable energy sector. Moving to renewable sources of energy such as solar and wind means Australia needs an infrastructure of battery storage to guarantee a stable supply of energy for households at all times of day, and in particular during peak evening periods. The Rangebank BESS will be a significant addition to Victoria’s infrastructure.”
Westpac is the largest bank lender to greenfield renewable energy projects in Australia over the past five years to 30 September 2022 and renewables accounted for 80% of our total committed exposure to the electricity generation sector.