The New South Wales government has officially launched the Energy Security Corporation (ESC), a state-owned green bank with an initial funding allocation of AU$1 billion (USD 670 million approx). This initiative is designed to accelerate the development of renewable energy infrastructure, with a strong focus on large-scale energy storage and renewable energy projects. The ESC will operate similarly to the Commonwealth's Clean Energy Finance Corporation (CEFC) and will co-invest alongside private sector partners to address critical gaps in the energy market.

Investment Mandate

The ESC's Investment Mandate includes a focus on energy storage, with plans to invest in short to long-duration energy storage projects. This will include large-scale battery energy storage systems (BESS), community batteries, pumped hydro energy storage, and virtual power plants. The ESC will also invest in projects that upgrade infrastructure to ensure the smooth operation of the grid and support the uptake of consumer energy resources.

Government Vision

The New South Wales Minister for Climate Change and Energy, Penny Sharpe, emphasized the importance of the Energy Security Corporation in securing the state's energy future. The ESC was established under the Energy Security Corporation Act 2024 and will invest between AU$25 million and AU$150 million (USD 16.5 - 98.7 million) per project.

Additional Initiatives

In addition to the launch of the ESC, the Australian government has also launched its AU$2.3 billion (USD 1.5 billion) Cheaper Home Batteries Program, a subsidy scheme that aims to reduce the upfront cost of home energy storage systems by 30%. This program will provide a rebate based on the usable capacity of the home battery energy storage system and will be available through the existing Small-scale Renewable Energy Scheme.

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