Australian company AGL Energy has announced that it has obtained the right to develop a 250MW pumped hydro energy storage project.

The hydro energy storage project is located at AGL’s Hillgrove Resources Kanmantoo copper mine site in South Australia’s Adelaide Hills region.

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The signing of binding agreements between the parties marks the beginning of a multiple stage process in the development of the project.

AGL Wholesale Markets executive general manager Richard Wrightson said: “This is an exciting project, which is consistent with our plans to continue to invest in our core energy markets business as customer needs and technologies evolve.

“If we proceed and the project is approved, it would be an important addition to our technology mix in South Australia, where we have significant wind and thermal generation.

“This is an exciting project, which is consistent with our plans to continue to invest in our core energy markets business as customer needs and technologies evolve.”

“It would help us to meet the changing needs of the South Australian energy market, in which energy storage assets are likely to be needed to provide dispatchable capacity as renewables generation increases over coming years.”

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Wrightson noted that the lodgement of a development application will take place next year.

After a final investment decision (FID) is made, AGL intends to purchase the land required for the construction of the project from Hillgrove.

AGL expects the FID to happen post processing completion at Kanmantoo.

Wrightson added: “If all approvals are received, we expect the project to be complete and operating by 2024.”