EnergyCo awards A$9.45m funding to pumped hydro project
It will fund the targeted geotechnical due diligence programme, amongst others.
Muswellbrook Pumped Hydro, a joint venture between AGL and Idemitsu Australia Resources, secured A$9.45m funding from the Energy Corporation of NSW for the development of its 250-megawatt pumped hydro project in the Hunter region.
In a statement, AGL said the funding from the NSW Government’s Pumped Hydro Recoverable Grants Programme will be used to complete a targeted geotechnical due diligence programme, the project’s detailed design, connection studies and contractor engagement.
Muswellbrook will hold a comprehensive Traditional Owner and community consultation to prepare the project for an investment decision.
READ MORE: AGL underlying profit down 58% YoY in FY2022
“As we transition to more renewable energy sources, pumped hydro provides a reliable on-demand generation source and acceleration of our development studies will help us understand how the Project could be delivered,” said AGL COO Markus Brokhof.
“AGL has 2.9GW of wind, battery, pumped hydro and other low carbon and firming projects in active planning and development, and we will continue to look to invest in projects like Muswellbrook Pumped Hydro,” he added.
A preliminary engineering study started in 2019 in cooperation with Muswellbrook Shire Council to determine the project's feasibility, provide cost estimates, and evaluate the planning and approval processes.