The New South Wales Government has announced the Energy Security Corporation’s first Investment Mandate, which outlines how the corporation will co-invest with the private sector in renewable energy projects for the state.
The Energy Security Corporation is seeded with $1 billion to help build a more reliable energy system. The key priorities for investment include short- to long-duration storage projects that capture excess renewable energy, to maximise use of electricity generated from solar and wind.
Related article: Gov’t lease deal for WestWind’s Lake Victoria Wind Farm
It will also cover projects that will upgrade infrastructure to ensure smooth operation of the grid coordinate and consumer energy resources in households, businesses and the community (such as virtual power plants).
The Investment Mandate is a key milestone in establishing the Energy Security Corporation, allowing it to begin investigating investment opportunities throughout NSW.
Paul Peters has been appointed as interim CEO to kick-off the Energy Security Corporation’s activities. Peters brings significant experience in investment and financing, as well as developing energy and infrastructure assets and industrial decarbonisation projects.
The NSW Government will shortly appoint the inaugural Board.
Minister for Energy, Penny Sharpe said, “NSW will invest $1 billion in critical projects to deliver more affordable, clean and reliable energy to homes and businesses across the state.
“After a decade of privatisation, the Energy Security Corporation gives the people of NSW the chance to invest in their energy system.
Related article: Natural hydrogen discovered in New South Wales
“I congratulate Mr Peters on his appointment, and I am looking forward to the Energy Security Corporation supporting projects throughout NSW.”
The Energy Security Corporation will co-invest with the private sector on energy storage projects such as large-scale batteries, community batteries, pumped hydro, and Virtual Power Plants (VPPs).
