The Australian Government has granted $54m from Green Bank Clean Energy Finance Corporation (CEFC) to back the Kidston solar project, which has potential for 250MW pumped hydro storage.
Storage technology for renewables could provide stability to the power grid and help supply electricity regardless of weather conditions, as bad weather would usually cause supply issues.
The Kidston solar project is located at Genex Power’s Kidston Renewable Energy Hub, which is 270km north-west of Townsville, in Queensland.
The Australian Renewable Energy Agency (ARENA) has invested $4m for a study into the next phase of the project, which will see the development of the pumped hydro-storage project.
At the request of the Australian Government, ARENA and CEFC have collaborated to work together on a priority new funding round for large-scale storage and other flexible capacity projects. The coalition government has already invested more than $220m in funding for a wide range of energy storage projects across the country.