The 1 gigawatt-hour project is 30 kilometres from Brisbane and will have the ability to power 70,000 homes for 24 hours.
Octopus Investments Australia, a renewables player backed by superannuation big-wigs Hostplus and Rest Super, has acquired Queensland’s largest proposed battery project, which is expected to have an $800 million enterprise valuation when it is up and running.Robert Rough
The seller, Sydney-based Firm Power, has developed battery energy storage systems since 2019. Octopus would cut the equity cheque out of its local flagship fund – known as OASIS, or the Octopus Australia Sustainable Investments platform. Investors in the fund include Hostplus, Rest Super and Clean Energy Finance Corporation.
As far as batteries go, at 500MW or 1GWh, the Blackstone battery is expected to bigger than the 300MW or 450MWh Victorian Big Battery in Geelong. The latter is Australia’s largest connected battery.However, it’s a long road ahead to get it up and running. Octopus would spend the next two years thrashing out development with Queensland’s high-voltage electricity transmission infrastructure operator Powerlink, Ipswich City Council and Firm Power.
The OASIS platform, which made the Blackstone battery investment, has raised $550 million in the past 12 months, including cornerstone commitments from superannuation funds.Advertisement
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