Neoen, a renewable energy developer, has financially closed the Victoria Big Battery project, an energy storage project with a capacity of 300 MW/450 MWh. While the Clean Energy Finance Corporation, on behalf of the Australian government, will provide debt financing of AUD 160 million, Neoen will also hold equity. The battery storage facility will be located near Geelong, in Victoria. Construction work has already begun for the project. It is being developed in collaboration with Tesla and network partner AusNet Services. The project will help Victoria move towards its target of 50 per cent renewable energy by 2030.