Banpu sinks B2.37bn into joint venture
Also known as battery energy storage systems (BESS), this equipment serves as an electricity backup to ensure a steady supply to businesses and households produced by renewable sources.
Solar and wind are intermittent sources of power, as production from these sources depends on weather conditions and the season. Solar and wind farms require batteries in order to store electricity for use when they are not able to generate power.
"The Australian energy market is undergoing a rapid transition. That's why BESS is playing an important role in providing continuous and stable energy," said Sinon Vongkusolkit, chief executive of Banpu.
Banpu, through its wholly-owned subsidiary Banpu Energy Australia Pty, has acquired a 50% share in the Wooreen Energy Storage System project, with the other 50% belonging to Energy Australia, one of three key electricity retailers in Australia's national electricity market.
Total investment in the project stands at A$700 million (15.1 billion baht), which comprises the two companies' investment budgets, along with bank loans.
The Wooreen Energy Storage System project, which is located in the Latrobe Valley region of the State of Victoria, is designed to have an electricity carrying capacity of 1,400 megawatt-hours. This will enable the facility to supply power to 230,000 houses continuously for four hours during peak demand.
The project, which will support the establishment of a clean energy grid, is embedded with artificial intelligence technology, which allows it to analyse data to determine when to store or supply electricity to the grid.
The facility is under construction and is set to commence operations in the second half of 2027. At this point, Banpu will begin to recognise revenue from the project, said Mr Sinon. The project is expected to rack up revenue from energy market volatility.
Banpu is pushing ahead with projects that focus on renewable energy development in order to cut its share of earnings from trading in coal.
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