BlackRock Alternatives has raised over $500 million to aid in the development of the NSW Waratah Super Battery.

Funds managed by BlackRock’s infrastructure team will also help finance the construction of the WSB, which is a significant component of the project, a System Integrity Protection Scheme designed to act as a ‘shock absorber’ in the event of sudden power surges.

The money has come from Australian and global institutional and sovereign co-investors.

NSW Government has announced its intention to retire four of its five coal-powered energy stations in the next 11 years, making the deployment of battery storage assets critical to resolving the intermittency of renewable energy sources such as wind or solar power.