The ESC will focus on projects that capture excess renewable energy and maximise the use of electricity generated from solar and wind sources. Credit: Yuri Hoyda/Shutterstock.

The Minns Labor Government has announced the Energy Security Corporation’s (ESC) first Investment Mandate to develop renewable energy projects.

The corporation will co-invest with the private sector to enhance energy security in New South Wales (NSW) by addressing investment gaps and ensuring a reliable energy system for homes and businesses.

The ESC is backed by A$1bn ($634.8m) in funding, which will be used to support the development of more dependable energy infrastructure.

The corporation will collaborate with the private sector to ensure NSW residents benefit from renewable energy.

It will focus on projects that capture excess renewable energy and maximise the use of electricity generated from solar and wind sources.

Key investment priorities include short to long-duration storage projects, infrastructure upgrades for grid operation and coordination of consumer energy resources such as virtual power plants.

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The Investment Mandate marks a significant milestone in establishing ESC, enabling it to explore investment opportunities across NSW.

NSW Minister for Energy Penny Sharpe said: “NSW will invest A$1bn in critical projects to deliver more affordable, clean and reliable energy to homes and businesses across the state.

“After a decade of privatisation, the Energy Security Corporation gives the people of NSW the chance to invest in their energy system.”

The inaugural board is expected to be appointed by the NSW Government in the coming days.

The ESC will co-invest with the private sector in various energy storage projects including large-scale batteries, community batteries, pumped hydro and virtual power plants.

Large-scale batteries will store surplus energy from renewable sources like wind and solar to be utilised when renewable generation is low or to meet energy demand peaks.

Community batteries, shared within neighbourhoods, will store excess solar energy from homes and distribute it when demand is high.

Pumped hydro utilises the force of moving water to generate electricity, providing rapid power to consumers on demand.

Virtual Power Plants connect rooftop solar and batteries across homes, coordinating them to collectively fill energy supply gaps in the grid, potentially earning profits for participating households.