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CEFC supports SWIS stability with backing for Neoen’s Collie Battery in WA

Collie Battery

27 February 2024

CEFC capital will help finance the Neoen Collie Battery Stage 1 in Western Australia, strengthening support for the South West Interconnected System (SWIS) as the state’s clean energy transition gathers pace.  

The SWIS provides power to more than 2.3 million people in WA, across a 7,600 kilometre transmission system. 

The 219 MW Collie Battery is the first WA big battery to be financed by the CEFC and continues its leading role in accelerating the delivery of large-scale energy storage.   CEFC capital is now backing more than 1,700 MW in new battery capacity across six projects Australia-wide.  

The $55 million investment is part of Neoen’s portfolio financing, which includes eight clean energy assets spanning solar, wind and battery storage across 5 states with a combined generation capacity of some 1.5 GW. The portfolio includes existing CEFC investments in the Neoen solar farms at Numurkah and Coleambally, with the addition of the long duration Collie Battery Stage 1.   


It is fitting that the CEFC’s first long duration battery in WA is supporting the SWIS in delivering clean energy to West Australian homes and businesses.
Monique Miller
CEFC Chief Investment Officer – Renewables and Sustainable Finance


The CEFC commitment is alongside Australian and international banks, including ANZ, Westpac and Commonwealth Bank Australia, Société Générale, ING, HSBC, Mizuho, MUFG, Bank of China and China Construction Bank Corporation. 

CEFC Chief Investment Officer – Renewables and Sustainable Finance, Monique Miller said: “Long duration storage has an important role to play in decarbonising the WA energy network and transitioning to a grid powered by renewable energy. Running from Kalbarri in the north to Albany in the south and Kalgoorlie in the east, the SWIS network is vital to a stable energy supply across this vast state.  

“It is fitting that the CEFC’s first long duration battery in WA is supporting the SWIS in delivering clean energy to West Australian homes and businesses. Alongside our key role in the delivery of the Australian Government’s Rewiring the Nation program, this is another example of how the CEFC is supporting the technology that will develop our low emissions 21st century electricity grid.” 

When complete, the Collie Battery will provide bulk energy transfer services for power in WA, soaking up solar during the day when energy demand is low and dispatching it into the SWIS to support the network during peak evening demand.  

In 2023, emissions from the Wholesale Energy Market, which operates across the SWIS, reached 10 Mt CO2e or about 6 per cent of total electricity emissions in Australia.1 

Louis de Sambucy, Neoen Australia’s CEO, said: “We are delighted to announce this landmark financing of a portfolio of Neoen assets, and we sincerely thank the CEFC for their continued trust and commitment. This transaction demonstrates the unique combined value of our portfolio and strengthens our business model of long-term owner and operator. It provides a solid foundation for future growth and for achieving our ambition of 10 GW in Australia by 2030.”  

CEFC Head of Solar and Battery Storage, Niall Brady said: “Neoen’s Collie Battery demonstrates how big batteries can ease transmission congestion and provide crucial support to the energy grid. As aging coal power plants retire and renewable energy continues to grow to meet Australia’s growing energy demands, storage provides critically important grid firming capacity to underpin reliable energy.  

“This investment builds on nearly a decade of CEFC investment activity with Neoen, who has pioneered the development of Australia’s large-scale energy storage capacity alongside its substantial investments in our renewable energy future. Together, we are developing the clean energy assets that will accelerate Australia’s push to net zero emissions.” 

In addition to the Collie battery, CEFC capital is backing a suite of market-changing large-scale batteries, including the Waratah Super Battery in NSW, the Victorian Big Battery,  Canberra’s Capital Battery and South Australia’s Hornsdale Power Reserve and Blyth Battery

The CEFC has committed more than $600 million in direct investments in WA across resources, renewables, storage, property, energy from waste and climate tech. It has also supported delivery of more than $200 million2 for some 6,500 smaller scale clean energy projects in WA, including in agriculture, manufacturing and small and medium businesses. CEFC capital provides access to discounted finance for technologies that reduce emissions including energy efficiency equipment, electric vehicles and rooftop solar.   

1 Department of Climate Change, Energy, the Environment and water, Australia’s emissions projections 2023, November 2023. pp36-40. 
2 Includes third party capital  


Last updated February 2024. Media release
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