Octopus Australia has acquired two renewable energy development projects, including what is planned to be the largest battery energy storage system in the country.
The company confirmed it has acquired the Hanworth Battery Energy Storage System in New South Wales and the Dunmore Solar Farm and Battery project in Queensland, as part of efforts to expand renewable generation and storage capacity as coal-fired power stations retire.
The Hanworth Battery project, located near Bannaby west of Bowral in NSW, has a planned capacity of 1.2 GW / 4.8 GWh. At full scale, it is expected to store and deliver enough electricity to power more than 500,000 homes during evening peak periods, when demand rises and solar generation declines. The project was acquired from Enervest and will connect into Transgrid’s Bannaby Terminal Station.
The Dunmore Solar and Battery project, near Toowoomba in Queensland, combines a 300 MW solar farm with a 150 MW / 300 MWh battery system. The development was acquired from Samsung C&T Renewable Energy Australia and marks the company’s first renewable energy transaction in Australia.
Around 75% of Australia’s coal-fired power stations are scheduled to retire within the next nine years, increasing the need for replacement generation and storage capacity.
Octopus Australia Chief Executive Sam Reynolds said the company remained committed to investing in new energy infrastructure.
“While some investors are stepping back, we’re stepping forward,” Mr Reynolds said.
“Australia still needs new power stations to replace ageing coal plants. The difference is that today we can build them using a mix of solar, wind and batteries instead of smokestacks.”
“By owning and operating our projects as one portfolio, we can deliver reliable power every day of the year – not just when the sun shines or the wind blows. This is about replacing coal with clean energy that works in the real world.”
Enervest Chief Executive Ross Warby described the Hanworth transaction as a milestone for the developer.
“This transaction with Octopus Australia represents a landmark outcome for Enervest, reflecting both the strength of our development portfolio and the significant investment and work completed to date,” Mr Warby said. “Partnering with a reputable, long-term partner like Octopus enables us to realise value from Hanworth while sharpening our focus on Enervest’s own-and-operate strategy. We believe Octopus is well-placed to accelerate this asset to meet growing demand, and we look forward to seeing the benefits it will bring to the local community, the grid, and the broader energy transition.”
SREA Managing Director Jung Park said the Dunmore transaction reflected the project’s development progress and market demand.
“Dunmore is a high-quality project in a strong location, and we’re proud of the progress and outcomes delivered so far,” a spokesperson for Samsung C&T Renewable Energy Australia said. “Following the progress achieved to date, the project is set to move into its next phase under Octopus Australia, a long-term investor with the capability to deliver it, and we look forward to seeing it contribute to Australia’s future energy supply.”
