Octopus Australia acquires 1GWh transmission-connected battery project
Image courtesy Octopus Australia
Octopus Australia has acquired the Queensland-based Blackstone battery development project with a 1GWh storage capacity, one of Australia’s largest battery systems, connected to the 275kV high voltage transmission network.
The renewable energy developer and fund manager purchased the project from Firm Power, a battery energy storage systems (BESS) developer.
Once operational, the project will store and dispatch 1GWh of electricity, supporting peak demand on the power grid and providing power to approximately 70,000 homes for one day.
Octopus Australia is collaborating with Powerlink, Ipswich City Council, and Firm Power to complete the project, which is strategically located near Brisbane.
Have you read:
EIB invests €450m in French EV battery gigafactory
Siemens Energy combines synchronous condenser and battery tech to stabilise Irish grid
‘Utilities aren’t selling energy anymore, they’re in customer service’: Kraken Global Director
Nick Rose, general manager at Firm Power, commented: ”As the largest battery proposed in Queensland, the Blackstone Project is well located to provide system strength and reliability to the electricity network in the high-load, high-growth corridor of South-East Queensland.
“The Firm Power team is excited to work with a conviction investor such as Octopus Australia, who understands the importance of founding a renewables platform on a firmed portfolio of dispatchable battery assets.”
Sonia Teitel, co-head of investment and development at Octopus Australia, added that “the acquisition of Project Blackstone is a landmark transaction for Octopus Australia which advances our portfolio strategy.
“Once developed, the project will enable innovative offtake products to be structured. Additionally, the acquisition underlines our commitment to the growing Queensland energy market. Octopus looks forward to working with our partners at Firm Power to complete development over the next two years.”
The development, states Octopus Australia, aligns with the Queensland Government’s goal to achieve 80% renewable energy by 2035 while mitigating intermittency.
By integrating wind, solar, and storage technologies in Queensland, Octopus Australia also intends to offer power purchase agreements that provide reliable energy blocks. This expanded storage capacity will facilitate the distribution of energy among the company’s fully-owned operational assets.
The project partners are aiming for a final investment decision in the latter half of 2025.
