According to The Australian Financial Review, Elon Musk's Tesla will be sourcing outside investors to help fund the $800 million virtual power plant to be built in Adelaide.
The virtual power plant, billed as the largest of its type in the world, will have 250MW of output if the full complement of 50,000 households being supplied with free solar batteries and Tesla Powerwall 2 home storage batteries is reached in four years, under the plan unveiled on Sunday. That is equal to about 20 per cent of the state's total average daily power needs.
South Australian Premier Jay Weatherill said on Monday that taxpayers would be protected from any market risk. The state government is providing a $30 million loan to Tesla through a Renewable Technology Fund and a $2 million initial grant for the roll-out, but it is outside investors who will fund the bulk of the project.
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