Efic’s bond facility provided Perth-based Balance Utility Solutions with the security needed to build a hybrid power station for an integrated coconut processing facility in Micronesia.
Providing sustainable utility solutions is the driving force for renewable energy-focused business Balance Utility Solutions (Balance). Co-founder and CEO Rod Hayes said: “We started the business in 2011 and were looking to build a business that offered complete turnkey power and water solutions with a focus on ‘edge of grid’ and ‘off grid’ regions, using the best local primary energy sources, for example, solar, wind or biomass.”
The domestic business focuses on providing utility services for remote communities and remote load stations.
“The systems we build are called hybrid systems. This means they use a combination of generation sources to get reliable and affordable power supply. Sitting at the heart of our system is a hybrid controller and some form of energy storage that lets us balance the renewables with more conventional forms of generation.
“It’s about making energy more affordable. Renewables are significantly cheaper than diesel,” said Rod.
Export part of the plan
Balance secured a contract to build a hybrid power station for an integrated coconut processing facility and energy supply to an unelectrified island in Micronesia.
“We have already completed around six projects with our client. This project is the largest one we have done to date.
“The power supply will be done in two stages. Stage one is the diesel backbone of what will eventually be a hybrid power station, and ready to plug in a substantial amount of storage and solar, which we expect to be doing in the back half of 2019,” said Rod.
To secure the project, Balance needed to provide Advance Payment and Performance Warranty Bonds.