Accelerating the global deployment of energy storage solutions

Macquarie Asset Management’s portfolio company Eku Energy develops, builds and actively manages energy storage assets to enable reliable, clean energy supply.

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Sector Energy
Sub-sector Battery storage
Location United Kingdom, Australia, Italy, Japan and Taiwan


Given the essential role that battery energy storage systems (BESS) play in the energy transition, demand for them is rapidly rising. By 2030, battery storage capacity is forecast to increase from 46 GW in 2021 to 411 GW.1

With growing levels of variable renewable energy in the generation mix, flexibility is critical to delivering secure, low-carbon energy systems. Battery storage provides a vital solution to support the integration of variable renewable generation.

By capturing and storing electricity at times of surplus and discharging it when there is a shortage or additional demand, batteries can deliver flexibility by ‘time shifting’ the delivery of clean, dispatchable power. This helps to match renewable generation with demand from energy consumers.

With sub-second response times, batteries can also provide additional grid services, driving efficiencies and supporting the stability of the network. Ultimately, this strengthens grid resilience and enables a higher penetration of renewable generation in energy systems.


In 2022, Macquarie Asset Management launched Eku Energy, amalgamating its existing activity in battery storage to create an energy storage business with a global portfolio of utility-scale projects.

To succeed with battery storage requires a deep understanding of power markets and specialist technical capabilities to find the best investment solutions. Eku Energy combines a local partnership approach with a data-driven understanding of global financial and energy markets. This enables the team to identify optimal project locations, capitalise on offtake opportunities, and work with industry and government partners to deliver energy storage assets in key markets.

As an emerging energy technology, technical and regulatory barriers can be a hurdle to rapid integration in certain markets. This is why Eku Energy focuses on high energy use markets that are taking steps to level the playing field and leverage the potential of battery storage, such as the UK, Australia, Italy, Japan and Taiwan.  

As variable renewable energy penetration continues to grow, Eku Energy can arbitrage volatile power markets creating diversified revenue streams. For example, it can buy and store energy at midday, when solar energy production is at its peak, and sell the power in the evening, when solar generation is declining and demand is high.


Eku Energy is helping to accelerate the deployment of battery assets in key markets around the world by working with industry partners to facilitate the delivery of reliable, clean energy to consumers. 

In Australia, the company has partnered with Shell Energy and minority equity partner Perfection Private to deliver a 200 MW/400 MWh utility-scale BESS located in the Rangebank Business Park in the State of Victoria.

The BESS will help improve grid stability by providing a reliable source of electricity supply to Victoria, in addition to helping the state achieve its energy storage and renewables targets. Once fully operational, the battery system will have the capacity to power the equivalent of 80,000 homes across Victoria for an hour during peak periods.2

The project also includes an agreement to provide Shell Energy with 100 per cent access to the battery’s power supply over a 20-year period. This partnership demonstrates how the combination of innovative offtake arrangements, when coupled with low-cost financing, can unlock the benefits of battery energy storage systems for end users, helping to support the energy transition.


4 GWh

Eku Energy's development pipeline3

200 MW / 400 MWh

battery energy storage system in construction at Rangebank Business Park site 


equivalent homes powered for an hour by the Rangebank project 

Battery storage is critical to maximising the role for renewables in our energy mix by enabling the delivery of dispatchable clean energy. We’re excited to be at the leading edge of this journey, delivering the investment and projects at scale that will be key to achieving net zero.”

Chris Morrison
Managing Director, Green Investments
Macquarie Asset Management

  1. ‘Energy Storage Market Outlook: Global Energy Storage Market to Grow 15-Fold by 2030’, BloombergNEF, 12 October 2022
  2. Based on ninetieth percentile peak winter electricity consumption of 5 kWh for a typical house in Victoria. Data accessed from ‘Typical House Energy Use’, CSIRO, 1 December 2013
  3. 'Eku Energy partner with ACT Government to deliver the Big Canberra Battery’, Eku Energy, 13 April 2023

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