A consortium of eight sovereign wealth funds, managing an aggregate $4.2 trillion in assets, announced a targeted $65 billion infrastructure facility dedicated exclusively to 24-hour renewable grid storage.
The fund will target projects capable of discharging power for 12 hours or longer, including compressed air caverns in Germany, pumped hydro in Western Australia, and advanced zinc-air batteries in Rajasthan.
Clean energy analysts noted that while solar generation costs have plummeted, grid balancing remains the paramount bottleneck preventing 100% coal and gas phase-outs.
