10 October 2024
10 October 2024
The initiative aims to encourage the development of long duration energy storage facilities.
The 5.5TW of renewable additions forecasted between now and 2030 is equal to the current power capacity of China, India, the US and the EU combined.
The Five Estuaries project, 37km from the UK's Suffolk/Essex coast, aims to be operational by 2031.
The consortium will manage design work for the project, which is preparing to take part in an auction in 2025.
The company will use the funds to leverage the use of shipyard manufacturing to slash costs and timelines.
The solar project, located 310km north of Perth, is projected to have a 25-year operational life.
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