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Powerwall residential battery with solar panels. Tesla

Tesla's plans to build the world's largest virtual power plant in South Australia will proceed after all.

The $800 million (US $634 million) project—struck in February by Tesla CEO Elon Musk and former South Australian Premier Jay Weatherill—involves installing solar panels and batteries on 50,000 homes to function as an interconnected power plant.

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Tesla's Powerpack battery system in South Australia is charged by a nearby wind farm. Tesla

Since switching on in December, Tesla's massive battery in South Australia has already drastically lowered prices in the region's frequency and ancillary services market (FCAS) and has taken a major share of that market, Renew Economy reported.

During Australian Energy Week, McKinsey and Co. partner Godart van Gendt boasted about the stunning efficiency of the 100-megawatt Powerpack system, which is connected to Neoen's Hornsdale wind farm.

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A home with a Powerwall 2 and solar panels. Tesla

South Australia—already home to the world's largest battery—will soon host the world's largest virtual solar plant under a landmark plan from Tesla CEO Elon Musk and the state government.

The plan involves installing a 5-kilowatt solar system and a Tesla Powerwall 2 battery on roughly 50,000 homes across the state over the next four years. The setup will be installed at no charge to the households and financed through the sale of electricity.

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A rendering of the Aurora Solar Thermal Plant. SolarReserve

South Australia—home to the world's largest battery—is one step closer to also hosting the world's largest solar thermal power plant following developmental approval from the state government.

California-based SolarReserve is behind the $650 million, 150-megawatt "Aurora" project that will be located 30 kilometers north of Port Augusta.

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South Australia officially activated the world's biggest battery on Friday. The feat was achieved much to the credit of Elon Musk, who made a daring bet to “get the system installed and working 100 days from contract signature or it is free."

Musk was responding to a challenge from Australian billionaire Mike Cannon-Brookes to help fix the Australian state's electricity woes. Losing the bet would have cost the Tesla CEO "probably $50 million or more."

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Tesla's massive Powerpack battery system in South Australia is charged by a nearby wind farm. Tesla

Elon Musk has won an audacious bet he made back in March to build a battery system for South Australia in “100 days from contract signature or it is free."

The 100-megawatt Powerpack system is the world's largest, or three times bigger than Tesla and Edison's battery at Mira Loma in Ontario, California.

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Photo credit: Lyon Group

A massive solar and battery farm is being built in South Australia's Riverland region.

If everything goes to plan, the plant will be running by the end of 2017 and will be the largest such system in the world, Brisbane-based renewable energy developer and investor Lyon Group announced.

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